Gold rises on firm global cues, festive season buying
Gold recovered by Rs 50 to Rs 30,850 per ten gram at the bullion market while silver also climbed Rs 300 to Rs 41,500 per kg due to increased offtake by industrial units and coin makers.business Updated: Oct 14, 2017 14:59 IST
Gold recovered by Rs 50 to Rs 30,850 per ten gram at the bullion market on Saturday largely on positive cues from overseas and increased buying by local jewellers.
Silver also climbed Rs 300 to Rs 41,500 per kg due to increased offtake by industrial units and coin makers.
Sentiment got a lift after gold surged overseas buoyed by a weak dollar, with investors waiting for key US inflation data for clues on the outlook for potential hikes in US interest rates, traders said.
Globally, gold rose 0.79% to USD 1,303.30 an ounce and silver by 1.02% to USD 17.41 an ounce in New York in yesterday’s trade.
Besides, pick-up in buying by local jewellers to meet the ongoing festive season demand at domestic spot market too fuelled the uptrend, they said.
In the national capital, gold of 99.9% and 99.5% purity went up by Rs 50 each to Rs 30,850 and Rs 30,700 per ten gram, respectively. The precious metal had shed Rs 30 in yesterday’s trade.
Sovereign however remained unaltered at Rs 24,700 per piece of eight gram in limited deals.
Following gold, silver ready rebounded by Rs 300 to Rs 41,500 per kg and weekly-based delivery traded higher by Rs 15 to Rs 40,400 per kg.
On the other hand, silver coins continued to trade at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.