Gold prices extend gains on firm global cues, jewellers’ buying
1 min read.Updated: 04 Aug 2018, 03:29 PM ISTLivemint
Gold prices gained 65 to reach 30,550 per 10 grams in Delhi bullion market on Saturday on sustained buying by local jewellers amid a firm trend overseas
New Delhi: Rising for the second straight day, gold prices gained ₹ 65 to reach ₹ 30,550 per 10 grams in Delhi bullion market on Saturday on sustained buying by local jewellers amid a firm trend overseas, reported PTI.
Marketmen said sentiment was bolstered after gold bounced in global markets, as a weak US jobs data pushed the dollar lower. Increased buying by local jewellers to meet the rising demand at the domestic spot market too fulled the uptrend, the agency reported.
Globally, gold rose 0.51% to $1,213.30 an ounce and silver gained 0.62% to$15.38 an ounce in New York in yesterday’s trade.
In the national capital, gold of 99.9% and 99.5% purity rose ₹ 65 each to ₹ 30,550 and ₹ 30,400 per 10 grams, respectively. The precious metal had gained ₹ 50 in yesterday’s trade. Sovereign, however, remained flat at ₹ 24,600 per piece of eight grams.
In sync with gold, silver ready bounced back by ₹ 250 to ₹ 39,100 per kg and weekly-based delivery by ₹ 280 to ₹ 38,070 per kg. Silver coins, however, continued to be traded at the previous level of ₹ 73,000 for buying and ₹ 74,000 for selling of 100 pieces.
The Indian rupee on Friday closed higher against the US dollar after local equity markets surged over 1%. The rupee ended at 68.62 a dollar, up 0.14% from its previous close of 68.71. The currency opened at 68.68 a dollar.
Traders are cautious ahead of US payroll data. US non-farm payrolls probably increased 193,000 in July compared with a gain of 213,000 in June, according to a Bloomberg survey.
So far this year, the rupee has weakened 7%, while foreign investors have sold $413.60 million and $6 billion in equity and debt markets, respectively.
After two days of consecutive selling, the Indian markets bounced back with the benchmark indices gaining over 1% on Friday.
The BSE Sensex closed at 37,556.16, up 391 points or 1.05%, while Nifty closed at 11,360.80, up 116.10 points or 1.03%.
Mid- and small-cap stocks have been in vogue again. In the last two weeks, the BSE Midcap and the BSE Smallcap gained 7.66% and 6.6%, respectively, outperforming the Sensex, which gained 3.4%.
Analysts said that investors’ sentiment for local equities turned positive on normal monsoon forecast, while moderation in oil prices aided momentum. However, underlying concerns on steep valuations, and the fear of trade and currency wars remain.