Gold price rises by Rs 225 on global cues, jewellers buying
Mumbai-India (Jan 5) Riding on strong global cues and increased buying by jewellers at the domestic bullion market, gold price on Tuesday rose by Rs 225 to Rs 25,840 per ten grams.
Silver followed suit and edged higher by Rs 75 to Rs 33,700 per kg on increased offtake from industrial units and coin makers.
Bullion merchants attributed rally in the precious metal to a firming trend overseas as a global equity rout as concerns over slowing economic growth in China and tensions between Saudi Arabia and Iran raised haven assets appeal. Globally, gold advanced 0.2 per cent to $1,077.13 an ounce and silver by 0.6 per cent to $13.96 an ounce in Singapore, while 0.20 per cent to $1,076.60 an ounce at London in early trade.
Besides, pickup in buying by jewellers supported the upside in prices, they said. In the national capital, gold of 99.9 and 99.5 per cent purity surged further by Rs 225 each to Rs 25,840 and Rs 25,690 per ten grams, respectively. It had gained Rs 195 on Monday.
Sovereign, however, remained steady at Rs 22,200 per piece of eight grams in limited deals. Tracking gold, silver ready went up by Rs 75 to Rs 33,700 per kg and weekly-based delivery by Rs 135 to Rs 33,705 per kg.
Silver coins too spurted by Rs 1,000 to Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.