New Delhi, March 24 Gold prices ended a four-day decline and rose by Rs 1,200 to Rs 1.44 lakh per 10 grams in the national capital on Tuesday, while silver remained unchanged at Rs 2.30 lakh per kilogram, according to the All India Sarafa Association.
The precious metal, with 99.9 per cent purity, closed at Rs 1,43,600 per 10 grams (inclusive of all taxes) on Monday.
Traders attributed the recovery in domestic gold prices to a rebound in global commodity markets and some buying at lower levels after recent sharp declines.
In the international markets, spot gold rebounded after nine sessions of losses, rising by USD 16.96, or 0.38 per cent, to USD 4,423.83 per ounce, while silver was trading 1.03 per cent higher at USD 69.86 per ounce.
"Spot gold, after falling for nine consecutive days, is trading at around USD 4,420 per ounce in overseas trade, driven by cautious optimism about the Iran conflict as US President Donald Trump declared a five-day ceasefire on strikes against energy installations in Iran," said Praveen Singh, Head of Commodities at Mirae Asset ShareKhan.
However, he added that doubts remain about the effectiveness of the ceasefire, keeping investors' sentiment cautious.
Analysts said the mixed signals on the geopolitical front are likely to keep bullion prices volatile in the near term.