Gold prices gain Rs 90 on global cues
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New Delhi: Ruling firm for the third straight day, gold prices rose by another Rs 90 to Rs 29,850 per 10 grams following an overnight global rally amid increased buying by local jewellers. Silver also advanced by Rs 150 to Rs 42,900 per kg on increased offtake by industrial units and coin makers.
Traders said a firm trend in global market following rising geopolitical tensions mainly boosted the precious metals. Besides, increased buying by local jewellers to meet wedding season demand at domestic spot market kept the metal higher, they added.
Globally, gold rose by 0.99% to $ 1,286.60 an ounce and silver 0.71% to $18.46 an ounce in New York on Wednesday.
In Delhi, gold of 99.9% and 99.5% purity rose further by Rs 90 each to Rs 29,850 and Rs 29,700 per 10 grams, respectively.
It had gained Rs 470 in the previous two days. Sovereign, however, remained flat at Rs 24,500 per piece of eight grams.
Silver ready also advanced by Rs 150 to Rs 42,900 per kg and weekly-based delivery by Rs 130 to Rs 42,450 per kg.
Silver coins, however, continued to be traded at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.