Gold Prices Zoom on Global Updates, Jewellers Buying

Gold prices rose by Rs65 to Rs31,515 per 10 gram at the bullion market on Wednesday on firm global trend and pick-up in buying by local jewellers. Silver prices also moved up by Rs60 to Rs39,560 per kg due to increased offtake by industrial units and coin makers.

Traders said sentiment got a boost after gold edged higher overseas on a weaker dollar following US secretary of state Rex Tillerson’s sudden dismissal and after consumer price data pointed towards a path of gradual hikes in US interest rates. Besides, fresh buying by local jewellers at domestic spot market fuelled the uptrend, they said.

Globally, gold rate rose 0.11% to $1,327.30 an ounce and silver by 0.21% to $16.59 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity moved up by Rs65 each to Rs31,515 and Rs31,365 per 10 gram, respectively. Sovereign however remained unaltered at Rs24,800 per piece of eight gram in limited deals.

Following gold, silver ready rose by Rs60 to Rs39,560 per kg and weekly-based delivery by Rs125 to Rs39,000 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.  – Neal Bhai Reports (NBR) INDIA

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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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