Gold rebounds Rs 1,500 to Rs 1.58 lakh per 10g; silver climbs Rs 9,500

New Delhi: Gold prices rebounded and jumped by Rs 1,500 to Rs 1,58,700 per 10 grams in the national capital on Friday due to fresh buying by stockists amid strong global trends, according to the All India Sarafa Association.

The precious metal of 99.9 per cent purity had closed at Rs 1,57,200 per 10 grams in the previous session, after touching an all-time high of Rs 1,59,700 per 10 grams on Wednesday.

Gold prices on Friday set a fresh record and positioned the metal for its strongest weekly performance since March 2020, driven by persistent geopolitical risks, overall US dollar weakness, and robust investment demand, Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.

After gold's uptrend, silver prices also rebounded sharply by Rs 9,500, or nearly 3 per cent, to Rs 3,29,500 per kilogram (inclusive of all taxes) from the previous close of Rs 3,20,000 per kg.

The white metal had hit a record of Rs 3,34,300 per kg in the local bullion market on Wednesday.

In the international market, both gold and silver surged to fresh records, with spot gold breaching the USD 4,900 per ounce mark and silver crossing USD 99 per ounce for the first time.

According to FOREX.com, gold gained USD 30.73, or 0.62 per cent, to touch a record of USD 4,967.41 per ounce.

Spot gold is trading higher at around USD 4,960 per ounce. Earlier, the metal hit a fresh record high of USD 4,967 as uncertainty around Greenland continues to boost the metal, Praveen Singh, Research Analyst, Mirae Asset Sharekhan, said.

Spot silver also gathered pace, rising 3.42 per cent, or USD 3.29, to USD 99.46 per ounce after hitting a record high of USD 99.78 in intraday trade.

"Silver jumped over 3 per cent to USD 99 per ounce, reaching new record highs, as a weakening dollar provided additional support to the rally in precious metals," Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.

The rally in silver has also been fuelled by a historic short squeeze and strong retail buying, as well as China's tightening export controls, he added.