New Delhi, Sept. 1 -- Gold and silver prices in India witnessed a sharp rebound on Tuesday, tracking a strong rally in the global bullion market. The domestic MCX gold price recovered its previous losses, jumping over 1% to cross the Rs.1.55 lakh mark per 10 grams, while MCX silver prices also saw a significant uptick due to renewed buying interest.

The upward momentum for the yellow metal comes as traders globally seek safe-haven assets amid escalating tensions in the Middle East, while also awaiting crucial US labour market data due later this week, which could shape the Federal Reserve's monetary policy trajectory.

In the retail market, gold is primarily sold in 24-karat and 22-karat purities. While 24-karat represents the purest for...