Gold remains up on firm global cues, jewellers’ buying

New Delhi: Tracking a firming trend overseas and buying by jewellers at domestic spot market, gold prices rose further by INR 120 to INR 29,550 per ten grams at the bullion market on Monday.

Silver, however, dropped by INR 250 to INR 38,450 per kg due to slackened buying support from industrial units.

Bullion traders said a firming global trend after demand for safe haven picked up as the failure of talks among oil producers to cap output triggered a sell-off in crude and equities, boosted sentiment in gold here.

Globally, gold advanced 0.5 per cent to USD 1,239.56 an ounce in Singapore.

In addition, increased buying by jewellers and retailers to meet wedding season demand also supported the upside in gold prices, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity were up by INR 120 each to INR 29,550 and INR 29,400 per ten grams respectively.

Sovereign also traded higher by INR 100 to INR 23,100 per piece of eight grams on retailers demand.

On the other hand, silver ready fell by INR 250 to INR 38,450 per kg and weekly-based delivery by INR 160 to INR 38,345 per kg.

Silver coins, however, spurted by INR 1,000 to INR 59,000 for buying and INR 60,000 for selling of 100 pieces on uptick in marriage season demand.

Leave a Reply

Your email address will not be published.