Gold prices inch up on scattered buying; silver declines
New Delhi: Gold prices rallied by Rs30 to Rs30,480 per 10 gram at the bullion market on Monday on mild buying by local jewellers, shrugging off a weak trend overseas. However, silver fell by Rs120 to Rs39,880 per kg due to reduced offtake by industrial units and coin makers amid weak global cues.
Traders attributed the rise in gold prices to some buying by local jewellers at domestic spot markets, but a weak trend overseas capped the rise. Globally, gold rate fell 0.11% to $1,317.30 an ounce and silver by 0.38% to $17.09 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity bounced by Rs30 each to Rs30,480 and Rs30,330 per 10 gram, respectively. The precious metal had shed Rs50 in Saturday’s trade. Sovereign however remained flat at Rs24,700 per piece of eight gram.
On the other hand, silver ready dropped by Rs120 to Rs39,880 per kg and weekly-based delivery by Rs135 to Rs39,115 per kg. Silver coins however maintained a steady trend at Rs73,000 for buying and Rs74,000 for selling of 100 pieces.