Gold rallies Rs 527; silver zooms Rs 1,043

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New Delhi, May 26 (PTI) Gold rallied Rs 527 to Rs 48,589 per 10 grams in the national capital on Wednesday reflecting gains in global precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 48,062 per 10 grams.

Silver also witnessed heavy demand as it gained Rs 1,043 to Rs 71,775 per kg, from Rs 70,732 per kg in the previous trade.

In the international market, gold was trading with gains at USD 1,908 per ounce and silver was flat at USD 28.07 per ounce.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, 'The dollar index fell to the lowest level since January, while the US 10-year treasury yields dropped to 1.56 per cent, boosting buying in precious metals.' Motilal Oswal Financial Services Vice-President (Commodities Research) Navneet Damani said, 'Gold prices continue to trade higher, as it breached the physiological level of USD 1,900 hovering around 4-1/2-month high amid a drop in US Treasury yields and a weaker dollar.' PTI SUM HRS hrs