Gold Price Jumps Rs 427 to Rs 54,377 Per 10 Gram; Silver Rallies Rs 710

Gold in the national capital on Wednesday jumped Rs 427 to Rs 54,377 per 10 gram, reflecting the overnight gains in international precious metal prices, according to HDFC Securities.

In the previous trade, the yellow metal finished at Rs 53,950 per 10 gram.

Silver also rallied Rs 710 to Rs 72,028 per kg from Rs 71,318 per kg in the previous trade.

In the international market, gold was trading marginally lower at USD 2,045 an ounce and silver was flat at USD 26.43 an ounce.

"Gold prices traded marginally down with spot gold prices at COMEX trading at USD 2,045 per ounce on Wednesday. Gold prices have kept firm trading nearing the record levels on safe-haven buying, combined with inflation fears," said Tapan Patel, Senior Analyst (commodities), HDFC Securities.

The weaker dollar and fall in US bond yields also capped downside in gold prices, he added.

According to Navneet Damani, Senior VP – Commodities Research, Motilal Oswal Financial Services, "Soaring oil prices and the Ukraine war have not only increased the inflationary concerns but have also slammed appetite for riskier assets in recent weeks".