Gold, silver surge up to 3 pc

New Delhi, Nov 4 (IANS): Gold and silver prices extended gains on Wednesday, with precious metals surging up to 3 per cent amid support from a weaker US dollar, lower Treasury yields and continued geopolitical uncertainty.
In the domestic market, 24-karat gold touched Rs 1,41,980 per 10 grams, up 1.4 per cent, while 999 fine silver rose Rs 4,520 per kg or 2.5 per cent to Rs 1,85,000 per kg as of 11.10 am.
On the Multi Commodity Exchange (MCX), December gold futures climbed 1.76 per cent to Rs 1,41,911 per 10 grams, while December silver futures advanced 3.09 per cent to Rs 1,85,249 per kg.
Bullion prices recovered after a sharp decline in the previous session as softer crude oil prices helped ease inflation concerns, and fuelled hopes that central banks may have more room to adjust monetary policy. Gold, a non-yielding asset, generally benefits from lower yields and a weaker dollar.
Investors remain keen on US political developments, labour market data and Federal Reserve policy signals. According to CME’s FedWatch tool, traders currently see a 78 per cent probability of a rate hike in December.
Internationally, COMEX gold futures rose 0.58 per cent to $3,963.20 per ounce. COMEX silver futures gained 0.48 per cent to $49.99 per ounce, against the previous close of $49.825 an ounce.