Gold rises Rs 300 to Rs 1,29,700/10g amid firm global cues

New Delhi, Nov 17 (PTI) Gold prices rose Rs 300 to Rs 1,29,700 per 10 grams in the national capital on Monday amid firm trends in overseas markets, according to marketmen.

The precious metal of 99.5 per cent purity also advanced by Rs 300 to Rs 1,29,100, inclusive of all taxes.

However, silver prices declined Rs 1,000 to Rs 1,63,800 per kilogram (inclusive of all taxes) on Monday.

In the international markets, spot gold was trading flat at USD 4,077.35 per ounce while spot silver was quoting 0.66 per cent higher at USD 50.89 an ounce.

"Spot gold is currently trading steady as a firmer dollar caps the upside while Sino-Japan tension over the latter's remarks over Taiwan cushion the downside," Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.

Renisha Chainani, Head - Research at Augmont, said, "Last week's larger market sell-off, which was triggered by hawkish comments from US Federal Reserve officials that dampened expectations for a December interest rate cut, caused gold prices to drop 2.5 per cent and silver prices to drop 5.5 per cent." Chainani further said the US Fed is citing the shutdown blackout as justification for maintaining unchanged interest rates in December. PTI HG TRB