Gold prices rise by Rs 583 to Rs 46,434/10 gram, silver spikes by Rs 1,463 a kg

Gold prices surged Rs 583 to Rs 46,434 per 10 gram in the Mumbai bullion market tracking a sharp spike in the global market overnight as dollar dipped after US jobless claims rose for the third straight week. The yellow metal rose Rs 160 or 0.35 percent during the week in the domestic market.

The price of 10 gram, 22-carat gold in Mumbai was Rs 42,534 plus 3 percent GST, while 24-carat 10 gram stood at Rs 46,434 plus GST. The 18-carat gold is quoted at Rs 34,826 plus GST in the retail market.

“Gold bounced from its support of $1,720 and remained supported near major Pivot level of $1,750 as traders are still worried about rising inflation and growth sentiment, absence of Chinese traders in the evening session played an important role in this bounce. On the MCX, technically Rs 46,450 remains important resistance above which it can touch Rs 46,600-Rs 46,750 while a break below Rs 46,280 negates the view”, said Vidit Garg, Director, MyGoldKart.