Gold price up on jewellers buying, global cues; silver surges
New Delhi-India (Oct 6) Gold prices recovered by Rs 50 to Rs 26,650 at the bullion market on Tuesday, supported by fresh purchases by jewellers to meet wedding demand amid a firm global trend.
Silver continued its upward journey and surged by Rs 750 to Rs 36,700 per kg on increased offtake by industrial users and coin makers.
Bullion traders said apart from fresh buying by jewellers and retailers, triggered by festive season, a better trend in global market after bets shrank for a US rate hike this year, boosting outlook for the metal, mainly led to recovery in the precious metal prices.
Globally, gold rose 0.23 per cent to USD 1,138.50 an ounce and silver little changed at USD 15.66 an ounce in London.
In the national capital, gold of 99.9 and 99.5 per cent purity were up by Rs 50 each to Rs 26,650 and Rs 26,500 per ten grams, respectively. The precious metals had lost Rs 210 in the previous session.
Sovereign, continued to trade steady at Rs 22,400 per piece of eight grams.
Silver ready continued its winning streak and recorded a hefty rise of Rs 750 to Rs 36,700 and weekly-based delivery by Rs 950 to Rs 36,710 per kg.
On the other hand, silver coins held steady at Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.