Gold prices gain on firm global cues, jewellers’ buying
Gold prices advance by Rs50 to Rs31,250 per 10 grams in tandem with a firm trend overseas along with sustained wedding season buying by local jewellers
New Delhi: Gold prices advanced by Rs50 to Rs31,250 per 10 grams on Monday in tandem with a firm trend overseas along with sustained wedding season buying by local jewellers. Silver prices also recovered by Rs150 to Rs39,200 per kg on increased offtake by industrial units and coin makers.
Traders said positive global cues as the dollar eased after last week’s rally and investors waited for more data on the US inflation amid expectations of rising interest rates mainly buoyed sentiment. Besides, persistent buying by local jewellers to meet wedding season demand at the domestic spot market, fuelled the uptrend, they said.
Globally, gold rate rose 0.48% to $1,322 an ounce and silver by 0.58% to $16.43 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity added Rs50 each to Rs31,250 and Rs31,100 per 10 grams, respectively. The precious metal had gained Rs250 in last two days. Sovereign, however, remained flat at Rs24,800 per piece of eight grams.
Silver ready recovered by Rs150 to Rs39,200 per kg and weekly-based delivery edged up by Rs40 to Rs37,990 per kg. Silver coins, however, continued to be traded at previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.
Editor's Picks »
- Saudi oil minister says Aramco IPO ‘most likely’ in 2019
- Sterlite protests: Supreme Court for urgent listing of matter on 28 May
- EU finance ministers strike deal on overhaul of banking capital rules
- Cadila Healthcare Q4 profit rises 53% at Rs590.8 crore
- GBSHSE Class 10 result 2018: Goa board declares marks, over 91% students pass
- Motherson Sumi continues to face margin pressure in foreign markets
- What the Warren Buffett indicator tells us about market valuations today
- Jet Airways lands with a thud in Q4 as fuel costs increase
- IBC amendments: Some dilutions, and a lot more speed
- Patanjali’s gambit is paying off in toothpaste wars