Gold rallies on positive global cues, jewellers’ buying

Gold prices rose by Rs 60 to Rs 32,060 per 10 gram at the bullion market Tuesday, tracking a firm trend overseas amid fresh buying by local jewellers. Silver, however, fell by Rs 85 to Rs 38,315 per kg due to reduced offtake by industrial units and coin makers.

Traders said a firm trend overseas as a slide in the dollar and equities raised precious metal's appeal as a safe haven investment, mainly pushed up gold prices.

Besides, fresh buying by local jewellers at domestic spot market supported the upside, they added.

Globally, gold traded 0.16 per cent higher at USD 1,248.20 an ounce in New York. Silver too was up 0.20 per cent to USD 14.77 an ounce.

In the national capital , gold of 99.9 per cent 99.5 per cent purities traded higher by Rs 60 each at Rs 32,060 and Rs 31,910 per 10 gram, respectively. It shed Rs 220 in the previous two days. Sovereign, however, continued to be traded at previous level of Rs 25,000 per piece of eight gram.

On the other hand, silver ready fell by Rs 85 to Rs 38,315 per kg and weekly-based delivery by Rs 49 to Rs 37,881 per kg.

Silver coins, however, remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Original Article

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