New Delhi | Jagran Business Desk: Gold in Delhi on Monday rallied by Rs 242 to Rs 47,242 per 10 gram in line with gain in international precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had settled at Rs 47,000 per 10 gram.

Silver also gained Rs 543 to Rs 62,248 per kilogram from Rs 61,705 per kilogram in the previous trade.

In the international market, gold trading with gains at USD 1,794 per ounce and silver flat at USD 23.34 per ounce.

"Gold prices traded higher with spot gold prices at COMEX firm at USD 1,794 per ounce on Monday. Gold prices traded up on Monday on growing virus worries despite of stronger dollar and rise in US bond yields," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

The domestic spot gold with purity of 24 carats opened at Rs 48,118 per 10 grams on Friday, and silver at Rs 63,095 per kilogram, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA). Both the rates for gold and silver exclude GST (goods and services tax).

The gold prices have edged higher, globally, because the dollar become stronger as concerns over the impact of the Omicron coronavirus variant emerged significantly. With this investors were left to assess whether the emergence of the variant could change the US Federal Reserve's hawkish stance.

"Gold prices is taking support on account of new and possibly vaccine resistant Covid variant detected in South Africa and few other Asian countries. Global economies are already facing high inflation and economic bottlenecks and still in revival mode. In this scenario, if situation worsens or new lockdown imposed globally then we may see a rebound in gold prices," said Ravi Singh, Vice President and Head of Research, ShareIndia, as quoted by NDTV.

Singh also suggested, "Buy Zone above - Rs 47,700 for the target of Rs 48,000; Sell Zone below - Rs 47,300 for the target of Rs 47,000."

(with inputs from PTI)

Posted By: Sugandha Jha