Gold prices rise by Rs150 on wedding season buying, global cues
New Delhi: Gold prices recovered by Rs150 to Rs30,550 per 10 grams at the bullion market on Thursday on fresh buying by local jewellers to meet ongoing wedding season demand amid firm global cues. Silver also rebounded by Rs150 to Rs40,500 per kg on increased offtake by industrial units and coin makers.
Traders said increased buying by local jewellers to meet ongoing wedding season demand at domestic spot market and a firm trend overseas, mainly led to the recovery in gold prices. Globally, gold rates rose 0.90% to $1,291.50 an ounce and silver by 1.12% to $17.13 an ounce in New York in Wednesday’s trade.
In the national capital, gold of 99.9% and 99.5% purity recovered by Rs150 each to Rs30,550 and Rs30,400 per 10 grams, respectively. It had lost Rs375 in the previous three sessions. Sovereign, however, continued to be traded at previous level of Rs24,700 per piece of eight grams.
Tracking gold, silver ready traded higher by Rs150 to Rs40,500 per kg and weekly-based delivery by Rs135 to Rs39,480 per kg. Silver coins, however, remained unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.