Gold glitters on global cues, up Rs 200; jewellers buy
New Delhi-India (Aug 1) Gold regained sheen and rose Rs 200 to Rs 25,300 per ten grams at the bullion market on Saturday, tracking a firm global trend and increased buying by jewellers.
Silver also recovered by Rs 300 to Rs 34,300 per kg on increased offtake by industrial units and coin makers.
Traders said sentiment bolstered as the precious metals rose in global markets after a report showed wages and salaries in the US rose in the second quarter at the slowest pace on record, weakening the case for the Federal Reserve to raise interest rates.
In the international market, gold rose 0.6 percent to USD 1,095.10 an ounce and silver advanced 0.3 percent to USD 14.74 an ounce in New York in yesterday's trade.
Besides, increased buying from jewellers at prevailing levels amid seasonal demand supported the upside, they said. In the national capital, gold of 99.9 and 99.5 percent purity surged by Rs 200 each to Rs 25,300 and Rs 25,150 per ten grams respectively.
It had gained Rs 10 yesterday. Sovereign, however, continued to be asked at previous level of Rs 22,200 per piece of eight gram in limited deals.
In a similar fashion, silver ready rebounded by Rs 300 to Rs 34,300 per kg and weekly-based delivery gained Rs 225 to Rs 34,040 per kg.
On the other hand, silver coins remained steady at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.