Gold price jumps to reach Rs 46,753; silver rallies Rs 396

Gold prices in Delhi surged by Rs 169 to reach Rs 46,753 per 10 gram with recovery in international precious metal prices and rupee depreciation.

In the previous trade, the precious metal had closed at Rs 46,584 per 10 grams.

Silver also rallied Rs 396 to Rs 66,080 per kilogram from Rs 65,684 per kilogram in the previous trade.

The Indian rupee depreciated 4 paise to 74.44 against the US dollar in opening trade on Monday.

In the international market, gold was trading with gains at $1,808 per ounce and silver was flat at $25.32 per ounce.

The US dollar slipped 0.2% against a basket of currencies, while benchmark 10-year Treasury yields pulled back, reducing the opportunity cost of holding non-interest bearing gold.

"Gold prices got support from soft dollar index and fall in US treasury yields," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

Navneet Damani, VP Commodities Research, Motilal Oswal Financial Services, "Gold prices edged higher, amidst fall in US yields and concerns over rising Delta variant cases, with investors turning their attention to the Federal Open Market Committee's meeting this week."

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