Gold Prices Recover on Positive Global Cues – Gold Silver Reports

Gold Silver Reports (GSR) – Marketmen said firm global cues where gold inched up as the US dollar slid lower after strong US economic growth data while concerns remain about trade tensions between the US and Europe, attributed the recovery in gold prices, the agency reported.                 

Gold prices recovered by ₹40 to ₹30,780 per 10 grams at the Delhi bullion market on Saturday, taking positive leads from global market amid fresh buying by local jewellers, reported PTI

Globally, gold rose by 0.07% to $1,223.20 an ounce and silver by 0.75% to $ 15.47 an ounce in New York in yesterday’s trade. In addition, pick-up in buying by local jewellers at domestic spot market also supported the upmove, they said.

In the national capital, gold of 99.9% and 99.5% purity bounced back by ₹40 each to ₹30,780 and ₹30,630 per 10 grams, respectively. It had lost ₹190 in yesterday’s trade. Sovereign, however, remained unaltered at ₹24,700 per piece of eight grams in scattered deals.

Tracking gold, silver ready also recovered by ₹25 to ₹39,225 per kg and weekly-based delivery by ₹130 to ₹38,325 per kg. On the other hand, silver coins continued to be traded at previous level of ₹74,000 for buying and ₹75,000 for selling of 100 pieces.

The Indian rupee on Friday climbed to a two-week high of 68.53 before closing almost flat at 68.65 against the US currency in a roller coaster trading session even as stocks continued their bullish ascent.

The rupee gained just one paisa to end at a fresh one-week high of 68.65 at interbank foreign exchange market here as month-end dollar demand from oil importers trimmed its early sharp gains. The rupee oscillated between a high of 68.53 and a low of 68.76 in day trade. Expectations of buoyant capital inflows along with likely initial public offering-related inflows predominantly outweighed impact of broad overnight dollar gains, helping the rupee touch a two-week high in early trade.

BSE Sensex closed higher closed at 37,336.85, up 352.21 points or 0.95%, while the National Stock Exchange’s 50-share Nifty ended at 11,278.35, up 111.05 points, or 0.99%. The Sensex jumped more than 5.4% in July, poised for its best month since January.

Among its Asian peers, the benchmark Sensex is still one of the best performers, besides the Nikkei. In dollar terms, the Sensex is up 1.91%, while the Nikkei is up 1.05% in this year so far.   

Indian markets extended their gains for the sixth consecutive session, hitting fresh record highs on Friday. Both the benchmark indices gained nearly 1% at closing while the Sensex ended above the 37,000-mark for the first time.

Gold Prices Recover on Positive Global Cues – Gold Silver Reports via @goldsilverrepor
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