Gold Prices Reclaim Rs 79,000-Mark; Silver Rally Extends

Meanwhile, in futures trade on the Multi Commodity Exchange Ltd., gold contracts for February delivery dipped Rs 160, or 0.21%, to trade at Rs 76,932 per 10 grams.

"Gold traded flat to positive. In MCX, gold is expected to trade within the range of Rs 76,700-77,400," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.

Silver contracts for March delivery declined Rs 188, or 0.2%, to Rs 93,105 per kg on the exchange.

Globally, Comex gold futures fell $7.20, or 0.27%, to $2,669 per ounce.

"Persistent global risk, as well as political uncertainty in France and South Korea, contribute to driving up the safe-haven precious metal price. Traders will be awaiting the US macroeconomic data, including new unemployment claims and trade balance, to be released later on Thursday,' Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

According to commodity market experts, the bullion remained slightly subdued as Federal Reserve (Fed) Chair Jerome Powell on Wednesday said the US economy is in good shape, adding that September's policy rate cut was a message to support the labour market.

(With Inputs From PTI)