Gold Price Today: Gold nears Rs 76,600 per 10 grams, silver crosses Rs 89,500

Gold and silver prices witnessed a notable surge on Thursday, December 26, reflecting strong performance in the commodity markets. On the Multi Commodity Exchange (MCX), gold was trading near Rs 76,600 per 10 grams, registering a rise of Rs 346 from the previous session. Similarly, silver was up by Rs 322, trading at Rs 89,648 per kg.

In the global market, gold prices hovered around $2,650 per ounce, indicating consistent demand for the precious metal.

Performance in the bullion market
In the national capital's bullion market, gold prices fell by Rs 100 on Tuesday, closing at Rs 78,600 per 10 grams. This decline follows a slight dip from Monday's closing price of Rs 78,700. On the other hand, silver recorded a significant jump of Rs 500, reaching Rs 90,500 per kg.

Gold with 99.5 per cent purity also saw a minor decline, falling by Rs 100 to Rs 78,200 per 10 grams.

Expert insights on price trends
Pranav Mer, Vice President of Commodity and Currency Research at JM Financial Services Ltd, noted that gold prices remained stable during the shortened trading session, buoyed by strong holiday demand. He attributed last week’s decline to dollar strength, which continues to keep the pressure on precious metals.

Outlook for gold and silver prices
With the global market seeing steady demand and the dollar's strength acting as a counterforce, precious metals are expected to remain volatile. Analysts believe that both gold and silver will continue to find support from investors seeking safe-haven assets amid geopolitical uncertainties and economic concerns.

Investors are advised to monitor global economic indicators and dollar performance for further cues on gold and silver price trends.