Gold prices witness bumper rally; zooms Rs 816 to Rs 49,430 per 10 gram

New Delhi: Gold prices zoomed Rs 816 to Rs 49,430 per 10 gram in the national capital on Tuesday on a positive global trend, according to HDFC Securities.

The precious metal had closed at Rs 48,614 per 10 gram in the previous trade.

Silver also witnessed hectic demand, with prices jumping Rs 3,063 to Rs 64,361 per kilogram from Rs 61,298 per kilogram in the previous trade.

Spot gold prices for 24 carat in Delhi rallied Rs 816, reflecting gains made in international gold prices, HDFC Securities, Senior Analyst (Commodities), Tapan Patel said.

In the international market, gold was quoting in the green at USD 1,864 per ounce, while silver was trading flat at USD 24.52 per ounce.

Navneet Damani, VP ? Commodities Research, Motilal Oswal Financial Services said, “Gold prices rose amidst mounting COVID-19 cases and comments of various Fed officials which showed concern regarding the impact of Covid on the economy.”

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“Other then that, there are a lot of positive expectations regarding the Covid bill this week, hence supporting the metal prices,” he added.