Gold prices rise by Rs190 on firm global cues, jewellers’ buying
New Delhi: Gold prices maintained its upward trend for the fourth day on Tuesday, climbing Rs190 to Rs31,850 per 10 grams, largely in line with a firm trend overseas amid sustained buying by local jewellers. However, silver prices slipped by Rs150 to Rs39,550 per kg due to reduced offtake by industrial units and coin makers.
Traders said sentiment in gold remained strong following positive trend overseas on the back of a weaker dollar, while investors awaited US Federal Reserve chair Jerome Powell’s first congressional testimony for clues on the future pace of monetary tightening. Moreover, increased buying by local jewellers at domestic spot market, supported the uptrend in gold.
Globally, gold rate edged up by 0.03% to $1,333.30 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity surged by Rs190 each to Rs31,850 and Rs31,700 per 10 grams, respectively. It had gained Rs310 in the previous three sessions. Sovereign, however, remained unaltered at Rs24,800 per piece of eight grams.
On the other hand, silver ready drifted lower by Rs150 to Rs39,550 per kg and weekly-based delivery by Rs55 to Rs38,550 per kg. Silver coins, however, continued to trade at previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.