Gold price climbs to Rs 32,475 on global cues, wedding demand

New Delhi-India (May 25)  Gold prices climbed by Rs 350 to Rs 32,475 per ten gram at the bullion market today, extending its rising streak for the fourth straight day, due to a firm trend overseas amid persistent buying by local jewellers.

Silver also shot up by Rs 250 to Rs 41,550 per kg due to increased offtake by industrial units and coin makers.

Traders said the sentiment remained upbeat on positive global cues, as dollar and Treasury yields declined following US President Donald Trump’s cancellation of a planned meeting with North Korean leader Kim Jong Un.

Besides, increased offtake by local jewellers to meet the rising wedding season demand from retailers at the domestic spot market too supported the uptrend, they said.

Globally, gold rose 0.86 per cent to $1,304.10 an ounce and silver by 1.19 per cent to $16.64 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity flared up by Rs 350 each to Rs 32,475 and Rs 32,325 per ten grams, respectively. It had gained Rs 250 in the previous three sessions. Sovereign gold, however, remained steady at Rs 24,800 per piece of eight gram.

In line with overall trend, silver ready rebounded by Rs 250 to Rs 41,550 per kg and weekly-based delivery by Rs 300 to Rs 40,760 per kg. Silver coins however, continued to be enquired at the previous level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

BusinessLine