Gold prices edge up on wedding season buying, global cues
New Delhi: Gold prices recovered by Rs20 to Rs30,520 per 10 grams at the bullion market on Wednesday on wedding season demand along with a firm trend overseas. Silver, however, fell further by Rs200 to Rs40,000 per kg due to reduced offtake by industrial units and coin makers.
Traders attributed the recovery in gold prices to some marriage season buying at spot markets and a better trend overseas. Globally, gold rates rose 0.15% to $1,295.30 an ounce in Singapore as the reaction to North Korea’s latest missile test was muted.
In the national capital, gold of 99.9% and 99.5% purity edged up by Rs20 each to Rs30,520 and Rs30,370 per 10 grams, respectively. It had dropped by Rs50 on Tuesday. Sovereign, however, remained flat at Rs24,700 per piece of eight grams.
On the other hand, silver ready drifted lower by another Rs200 to Rs40,000 per kg and weekly-based delivery slumped below Rs39,000-mark by plunging Rs445 to Rs38,695 per kg. Silver coins, however, remained steady at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.