New Delhi: Reversing a two-day slide, gold
prices rose by Rs 250 to Rs 30,500 for 10 grams at the bullion
market today, largely driven by a firm trend overseas amid
pick-up in buying by jewellers at the domestic spot market.
Silver, however, continued its fall and lost another Rs
50 to Rs 39,150 per kg owing to reduced offtake by industrial
units and coin makers.
Bullion traders attributed the recovery in gold prices to
a firm trend overseas as the weakness in dollar boosted demand
for the precious metal as a safe-haven.
Globally, gold rose by 0.39 per cent to USD 1,279.60 an
ounce in New York yesterday.
In addition, increased buying by local jewellers to meet
ongoing wedding season demand fuelled the uptrend, they said.
In the national capital, gold of 99.9 per cent and 99.5
per cent purity rebounded by Rs 250 each to Rs 30,500 and
Rs 30,350 per 10 grams, respectively. It had lost Rs 270 in
the previous two days.
Sovereign, however, held steady at Rs 24,700 per piece of
eight grams.
On the other hand, silver ready remained bearish and fell
by Rs 50 to Rs 39,150 per kg and weekly-based delivery slipped
by Rs 130 to Rs 37,580 per kg.
Silver coins, however, remained steady at Rs 73,000 for
buying and Rs 74,000 for selling of 100 pieces.
PTI
