Gold climbs Rs 820 to Rs 79 780 per 10g silver jumps Rs 1 000

New Delhi, Dec 10 (PTI) Gold prices climbed Rs 820 to Rs 79,780 per 10 grams in the national capital on Tuesday due to fresh buying by jewellers and stockists amid a firm global trend, according to local marketmen.
     The bullion prices boosted after China indicated easier credit and other forms of stimulus for its sluggish economy and the resumption of gold purchases by the People's Bank of China (PBoC), traders said.
    The yellow metal of 99.9 per cent purity closed at Rs 78,960 per 10 grams on Monday.
    Silver jumped Rs 1,000 to Rs 94,850 per kg on Tuesday. The white metal had settled at Rs 93,850 per kg in the previous session.
    The price of gold of 99.5 per cent purity advanced Rs 820 to Rs 79,380 per 10 grams against the previous close of Rs 78,560 per 10 grams.
    Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for February delivery climbed Rs 279 or 0.36 per cent to trade at Rs 77,765 per 10 grams.
    "Gold prices trading sideways as participants awaited Wednesday's US CPI data. The data is expected to provide clarity on the future trend.
    "While the overall bullish outlook for gold remains intact, the sharp pre-event rally suggests caution," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
    However, silver contracts for the March delivery fell Rs 129 or 0.14 per cent to Rs 95,068 per kg.
    Globally, Comex gold futures rose USD 15.20 per ounce or 0.57 per cent to USD 2,701 per ounce.
    "Gold continues to trade positive with international spot around USD 2,700 per ounce, supported by rise in safe-haven demand amid signs of escalation in the middle-east tensions with latest developments happening in Syria and South Korea.
    "The bullion has also gained support on reports that China has again resumed its gold purchases and rising bets for another Fed rate cut next week," Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, said.
    Silver was quoted 0.19 per cent lower at USD 32.55 per ounce in the Asian market hours.
    On the macro front, the US will release non-farm productivity data to be released later on Tuesday, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

(This story has not been edited by THE WEEK and is auto-generated from PTI)