Gold prices regain sheen on global cues, silver tops Rs40,000 level
New Delhi: Reversing Thursday’s slide, gold prices bounced back by Rs135 to trade at an over one-month high of Rs30,500 per 10 grams at the bullion market on Friday, largely driven by a firm trend overseas amid pick-up in buying by local jewellers.
Silver prices followed the suit and recaptured the Rs40,000-mark due to increased offtake by industrial units and coin makers.
Bullion traders attributed the recovery in gold prices to a firm trend overseas as the weakness in dollar which hit a four-month low boosted demand for the precious metal as a safe-haven. In addition, increased buying by local jewellers at domestic spot market fuelled the uptrend, they said.
Globally, gold rate rose by 0.72% to $1,322 an ounce and silver by 0.58% to $17.20 an ounce in New York on Friday.
In the national capital, gold of 99.9% and 99.5% purity rebounded by Rs135 each to Rs30,500 and Rs30,350 per 10 grams, respectively, a level last seen on 2 December. The precious metal had lost Rs85 on Friday. Sovereign, however, remained flat at Rs24,700 per piece of eight grams.
Following gold, silver ready climbed by Rs360 to Rs40,000 and weekly-based delivery by Rs220 to Rs39,200 per kg. Silver coins, however, remained unchanged at Rs73,000 for buying and Rs74,000 for selling of 100 pieces.