Gold prices rise on global cues, silver recovers
Mumbai: Snapping its two-day losing streak, gold prices rebounded at the bullion market on Wednesday, taking positive leads from global markets amid increased buying by local jewellers.
Silver strengthened by Rs345 per kg on increased offtake. Standard gold (99.5 purity) rose by Rs195 to settle at Rs30,065 per 10 grams from Tuesday’s closing level of Rs29,870. Pure gold (99.9 purity) also rose by a similar margin at Rs30,215 per 10 grams as compared to Rs30,020 previously. Silver (.999 fineness) shot up by Rs345 to finish at Rs40,860 per kg as against Rs40,515 on Tuesday.
Globally, gold prices edged higher, underpinned by tensions over North Korea, as investors looked ahead to US inflation data on Thursday that will give clues about the pace of US interest rate rises. Spot gold was up 0.1% at $1,332.48 an ounce at early trade. In other precious metals, silver was flat at $17.91 an ounce.