Silver prices also rose Rs 700 to Rs 84,500 per kilogram from Rs 83,800 per kilogram at the previous close, according to the All India Sarafa Association.
Moreover, gold with 99.5 per cent purity bounced back by Rs 400 to settle at Rs 73,750 per 10 grams. In the previous session, it had been at Rs 73,350 per 10 grams.
Traders said gold prices were on an uptrend due to rising domestic demand. However, a weak trend overseas limited gains.
In foreign markets, gold on the Comex is trading lower. US Dollar 2,532.10 per ounce.
“Gold prices held above the $2,500 mark through the start of the European session on Tuesday as traders appeared reluctant to place directional bets ahead of the US dollar. Inflation “The reports will be out in the next few days,” said Maneesh Sharma, assistant vice president, commodities and currencies, Anand Rathi Shares and Stock Brokers. The U.S. consumer price index Index The producer price index will be released on Wednesday, while the data will be released on Thursday. According to commodity market experts, the data will influence market expectations regarding the size of the Federal Reserve. interest rate cut later this month and provide a new direction to the inflexible yellow metal.
Silver, however, is trading slightly higher at $28.70 an ounce globally.
“The disappointing US jobs report reinforced the case for Fed easing, though uncertainty over the scale of interest rate cuts capped gold’s upside,” said Kaynat Chainwala, assistant vice president, commodities research, Kotak Securities.
Additionally, traders will also be keeping a close eye on speeches by FOMC members Michael S Barr and Michelle W Bowman.
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