Gold price climbs to Rs 32,125; silver drops by Rs 100 per kg

New Delhi-India (May 24)  Amid positive global cues and increased buying by local jewellers, gold maintained its upward trend for the second straight day, climbing another Rs 125 to Rs 32,125 per 10 gram at the bullion market today.

Silver, however, met with resistance at prevailing higher levels and shed Rs 100 to Rs 41,300 per kg.

Traders said sentiment remained upbeat in gold on the back of a firm trend overseas, as the dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to interest rate hikes. Besides, persistent buying by local jewellers at the domestic spot market too fuelled the uptrend.

Globally, gold rose 0.21 per cent to $1,295.70 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged Rs 125 each to Rs 32,125 and Rs 31,975 per 10 gram, respectively. It had gained Rs 120 in yesterday’s trade. Sovereign gold, however, remained unaltered at Rs 24,800 per piece of eight gram in limited deals.

On the other hand, silver ready fell Rs 100 to Rs 41,300 per kg and weekly-based delivery by Rs 20 to Rs 40,460 per kg. Silver coins, however, remained stable at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

BusinessLine