Gold price shines for 4th straight session on global cues

New Delhi-India (Jun 11)   Gold rose for a fourth straight session on Saturday with prices rising by Rs.150 to Rs.29,500 per ten grams in Delhi bullion market on positive cues from overseas markets amid sustained buying by jewellers.

Traders said apart from a firming global trend on speculation that US interest rates will stay lower for longer, pick up in buying by jewellers at domestic spot market mainly attributed the rise in precious metal prices.

Globally, gold rose by 0.30% to $1,273.30 an ounce and silver by 0.29% to $17.28 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9 and 99.5% purity advanced by Rs.150 each to Rs.29,500 and Rs.29,350 per ten grams respectively. It had gained Rs.320 in the previous three sessions. Sovereign, however, held steady at Rs.23,000 per piece of eight grams.

In a similar fashion, silver ready rose further by Rs.215 to Rs.41,065 per kg and weekly-based delivery by Rs.235 to Rs.41,050 per kg. Silver coins, however, held steady at Rs.69,000 for buying and Rs.70,000 for selling of 100 pieces.

Source: TheHindu