Prices of gold & silver rebound on strong global cues

New Delhi: Gold and silver prices rebounded sharply on Monday after falling for three straight sessions, with the precious metal jumping Rs 220 to Rs 72,820 per 10 grams in the national capital, tracking a strong trend in the overseas market due to escalating tensions in the Middle East.

Gold had closed at Rs 72,600 per 10 grams in the previous session on Friday, according to HDFC Securities.

Silver prices also bounced Rs 1,050 to Rs 92,850 per kg. In the previous session, it had finished at Rs 91,800 per kg.

In the overseas markets, spot gold at Comex was trading at $2,344 per ounce, up $9 from the previous close. Additionally, silver also traded higher at $30.75 per ounce.

Meanwhile, in the futures trade on the Multi Commodity Exchange (MCX), gold bounced Rs 462 to trade at Rs 71,718 per 10 grams. The most-traded June contract of gold hit an intra-day high of Rs 71,741 per 10 grams.

Further, silver contracts for July delivery were also trading higher by Rs 1,527, or 1.69 per cent, to Rs 92,075 per kg on the exchange.

According to market experts, gold prices recovered some of the losses from last week, rising slightly to $2,346.60 in Asian trading on Monday.