Gold rallies Rs 881, silver gains Rs 1,071

New Delhi, Apr 01 (PTI): Gold rallied by Rs 881 to Rs 44,701 per 10 gram in the national capital on Thursday following a sharp recovery in global precious metal prices, according to HDFC Securities.
In the previous trade, it had closed at Rs 43,820 per 10 gram.
Silver also gained Rs 1,071 to Rs 63,256 per kilogram from Rs 62,185 per kilogram in the previous trade.
In the international market, gold was quoting higher at USD 1,719 per ounce and silver was flat at USD 24.48 per ounce. Spot gold rose 0.4% to $1,714.50 per ounce by 0920
GMT, after touching its lowest since March 8 at $1,677.61 on Wednesday.
Gold prices witnessed a sharp rebound recovering from the bear territory, according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.
Some investors view gold as a hedge against higher inflation that could follow stimulus measures, but higher Treasury yields dull some of the appeal of the non-yielding commodity. The support zone of $1,675 worked perfectly for gold, generating a solid rebound. However, the main trend has not changed and continues to point lower,” ActivTrades chief analyst Carlo Alberto De Casa said in a note. A climb above $1,720 would be positive for bullion price, while only a clear recovery above $1,750 would turn around the current bearish outlook. Elsewhere, silver was steady at $24.38 per ounce,
while platinum fell 0.4% to $1,182.06 and palladium rose 0.5% to $2,631.09.