Gold prices shine on global cues, silver above Rs 47,000

Mumbai-India (Aug 5)  Gold prices inched up Rs 50 to Rs 31,100 per 10 grams, largely on the back of positive global cues and increased buying by jewellers to meet festive demand at the domestic spot market.

Silver rose to touch the Rs 47,000 mark by rising Rs 250 to Rs 47,200 per kg due to increased offtake by industrial units and coin makers.

Bullion traders attributed the rise in gold prices to a firming trend overseas as investors focus on a key jobs report in the US. Bank of England announcing an interest rate cut and fresh stimulus package to counter the fallout from Britain’s vote to quit the European Union meant more upside, raising demand for the precious metals.

Globally, gold rose 0.2 per cent to USD 1,363.67 an ounce in Singapore.

Besides, fresh buying by jewellers to meet festive demand at the domestic spot market supported the upside.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered Rs 50 each to Rs 31,100 and Rs 30,950 per 10 grams, respectively. It had lost Rs 200 on Thursday.

Sovereign, however, held steady at Rs 23,200 per piece of eight grams in scattered deals.

Silver ready, too, rebounded by Rs 250 to Rs 47,200 per kg and weekly-based delivery by Rs 395 to Rs 47,625 per kg.

Silver coins, however, remained steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

Source: The Hindu