New Delhi, Nov 8: Gold prices rose Rs 500 to reclaim the Rs 80,000 mark in the national capital on Friday amid fresh buying by local jewellers and retailers for the wedding festivities, according to the All India Sarafa Association.The precious metal of 99.9 per cent purity had settled lower at Rs 79,500 per 10 grams on Thursday.Silver also jumped Rs 800 to Rs 94,600 per kg against the previous close of Rs 93,800 per kg,The price of gold of 99.5 per cent purity climbed Rs 500 to Rs 79,600 per 10 grams. It had closed at Rs 79,100 per 10 grams on Thursday.Traders said demand from local jeweller businesses has picked up for the wedding season. Besides, gold prices witnessed an uptick as investors bet on this asset class as a safe haven, owing to depreciation in the rupee against the US dollar (USD).In future trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery slipped Rs 198 or 0.26 per cent to trade at Rs 77,213 per 10 grams.Gold traded weak amid strength in the dollar index and the Federal Reserve’s (Fed) policy announcement that aligned with expectations of a 0.25 per cent rate cut,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.
