Gold Price Maintains Uptrend on Global Cues, Jewellers’ Buying

Gold Silver Reports (GSR) – In the national capital, gold of 99.9% and 99.5% purity advanced by ₹130 each to ₹30,970 and ₹30,820 per 10 grams, respectively. The precious metal had gained ₹40 in the last two days. Sovereign, however, remained unchanged at ₹24,700 per piece of eight grams.        

Rising for the third straight day, gold prices shot up by ₹130 to ₹30,970 per 10 grams at Delhi bullion market on Saturday on positive global cues amid increased buying by local jewellers, reported PTI.

Traders sentiment was bolstered after gold prices recovered from one-year lows in global markets after US President Donald Trump criticised the strength of the dollar and interest rate increases by the Federal Reserve, pushing the greenback sharply lower, the agency reported.

Globally, gold rose 0.75% to $1,231.50 an ounce and silver by 1.47% to $15.51 an ounce in New York in yesterday’s trade.

Increased buying by local jewellers at the domestic spot market too supported the upmove, they said.

On the other hand, silver ready dropped by ₹645 to ₹39,255 per kg, while weekly-based delivery traded higher by ₹315 to ₹38,455 per kg on speculative buying. Silver coins spurted by ₹1,000 to ₹75,000 for buying and ₹76,000 for selling of 100 pieces.

The Indian rupee on Friday recovered from its all-time low as state-run banks sold dollars, reported Bloomberg, citing two Mumbai-based traders. The rupee closed at 68.85, up 0.29% from its previous close of 69.05. It opened at 68.97.

“Price action suggests that the RBI intervened via state banks and that has helped the rupee recover”.

BSE Sensex closed higher by 145.14 points, or 0.40%, to 36,496.37, while the Nifty 50 rose 53.10 points, or 0.48%, to close at 11,010.20. BSE MIdCap and SmallCap rose 0.73% and 0.41%, respectively.

Among the sectoral indices on BSE, IT, teck, telecom and healthcare rose over 1%. Basic materials, consumer discretionary goods and services, auto, metal and oil and gas declined. Sun Pharma, Infosys, Reliance Industries and Bajaj Finance were among the top gainers, whereas Bajaj Auto, Vedanta, BPCL and IOC were among the top losers. – Neal Bhai Reports (NBR)

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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