Gold gets a leg-up from global leads, jewellers' buying

Mumbai-India (Jun 27)  Buoyed by firming global trend and increased buying by jewellers, gold prices recovered Rs 150 to Rs 30,550 per 10 grams at the bullion market today.

 However, silver fell Rs 290 to Rs 42,100 per kg due to lower offtake from industrial units and coin makers.  

 Traders said shockwaves continued to ripple through financial markets following Britain's vote to exit the European Union, boosting appeal of safe haven assets, which pushed up gold prices here.

 In a blow to the 28-nation bloc, the UK on Friday voted to leave the EU, forcing Prime Minister David Cameron to stand down as the exit verdict set off panic across world markets.

 Globally, gold climbed 1.5% to $1,335.55 an ounce in Singapore.

 In addition, increased buying by jewellers at domestic spot market and shifting of funds from falling equity markets supported the upside.

 In the national capital, gold of 99.9% and 99.5% purity rebounded by Rs 150 each to Rs 30,550 and Rs 30,400 per 10 grams, respectively. It had lost Rs 485 on Saturday.

 Sovereign also moved up by Rs 100 to Rs 23,400 per piece of eight grams.

 But silver ready dropped by Rs 290 to Rs 42,100 per kg while weekly-based delivery traded higher by Rs 240 to Rs 42,390 per kg on speculative buying.

 Silver coins held steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

Source: Business-Standard