Gold tops Rs31,000-mark per 10 gm on festive season demand
New Delhi: Gold prices overcame a sluggish global trend by surging Rs470 to trade at Rs31,000 per 10 grams on Monday after local jewellers ramped up buying for the festive rush.
On the contrary, Silver prices dropped Rs300 to trade at Rs41,700 per kg, weighed down by muted demand from industrial units and coin makers. Increased local buying fulled by the festive season demand drove gold prices, but a weak overseas trend acted as an overhang.
Globally, gold softened 0.77% to $1,335.70 an ounce in Singapore as the dollar strengthened against major currencies, with hurricane Irma losing its force and concerns over North Korea easing. This diminished demand for the precious metal as a safe haven. Silver was also down by 0.64% at $17.81 an ounce.
In the national capital, gold of 99.9% and 99.5% purity bounced Rs470 each to Rs31,000 and Rs30,850 per 10 grams, respectively. The precious metal had lost Rs820 on Saturday.
Sovereign moved up Rs100 to Rs24,700 per piece of eight grams. On the other hand, silver ready prices declined by Rs300 to Rs41,700 per kg and weekly-based delivery by Rs530 to Rs41,040 per kg. Silver coins, however, continued to be traded at the previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.