Gold Silver Reports (GSR) – Gold prices climbed by Rs350 to Rs 32,475 per 10 gram at the bullion market on Friday, extending its rising streak for the fourth straight day largely on firming trend overseas amid persistent buying by local jewellers.
Silver prices also shot up by Rs250 to Rs41,550 per kg due to increased offtake by industrial units and coin makers.
Traders said sentiment remained upbeat on positive global cues, as dollar and treasury yields declined following US President Donald Trump’s cancellation of a planned meeting with North Korean leader Kim Jong Un.
I have decided to terminate the planned Summit in Singapore on June 12th. While many things can happen and a great opportunity lies ahead potentially, I believe that this is a tremendous setback for North Korea and indeed a setback for the world… pic.twitter.com/jT0GfxT0Lc
— Donald J. Trump (@realDonaldTrump) May 24, 2018
Besides, increased offtake by local jewellers to meet the rising wedding season demand from retailers at domestic spot market too supported the uptrend, they said.
Globally, gold rate rose 0.86% to $1,304.10 an ounce and silver by 1.19% to $16.64 an ounce in New York in Thursday’s trade.
In the national capital, gold of 99.9% and 99.5% purity flared up by Rs350 each to Rs32,475 and Rs32,325 per 10 grams, respectively. It had gained Rs250 in the previous three sessions. Sovereign gold, however, remained steady at Rs24,800 per piece of eight gram.
In line with overall trend, silver ready rebounded by Rs250 to Rs41,550 per kg and weekly-based delivery by Rs300 to Rs40,760 per kg. Silver coins however, continued to be enquired at previous level of Rs76,000 for buying and Rs77,000 for selling of 100 pieces. – Neal Bhai Reports (NBR)
