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

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Gold Prices Gain

Gold Silver Reports – Gold Prices Gain on Firm Global Cues, Jewellers’ Buying – 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.

Gold Prices

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.  – Goldman Neal Bhai Reports