Jewellers Buying Support Gold Prices Higher; Global Hints

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Jewellers Buying Support Gold Prices Higher; Global Hints

Gold Silver Reports — Global Hints and persistent buying by jewellers at the domestic spot market, gold prices climbed for the sixth straight day on Tuesday, gaining Rs.140 to Rs.29,800 per ten grams in Delhi bullion market.

Analysts said a firming global trend where gold climbed to the highest in four weeks as uncertainty mounts over whether Britain will exit the European Union and speculations that the US Fed will keep interest rates unchanged at its two-day meeting that begins later in the day buoyed sentiment here.

Globally, gold rose 0.82% to $1,283.80 an ounce — its highest since 16 May— and silver by 0.72% to $17.41 an ounce in New York on Monday.

Furthermore, persistent buying by jewellers at the domestic spot market added to the upside. The rupee turning weak against the dollar that made the imports costlier influenced the precious metals.

In the national capital, gold of 99.9% and 99.5% purity surged Rs.140 each to Rs.29,800 and Rs.29,650 per ten grams, respectively. It had gained Rs.630 in the last five days. Sovereign, however, shed Rs.100 at Rs.23,000 per piece of eight grams.

Tracking gold, silver ready recovered Rs.260 to Rs.41,260 per kg and weekly-based delivery by Rs.55 to Rs.41,185 per kg. Silver coins too spurted by Rs.1,000 to Rs.70,000 for buying and Rs.71,000 for selling of 100 pieces. — Neal Bhai Reports