Gold price extends gains on positive global cues, jewellers’ purchases; silver drops

New Delhi-India (April 29)  Gold prices maintained an upward trend for the third day on Saturday, gaining Rs70 to Rs29,550 per 10 grams at the bullion market, amid firm global cues and increased buying by local jewellers.

On the other hand, silver remained under selling pressure and dropped further by Rs275 to Rs40,225 per kg due to offtake from industrial units and coin-makers. Traders said apart from a firming trend overseas, persistent buying by local jewellers to meet ongoing wedding season demand at domestic spot market helped gold make headway. Globally, gold rose 0.33 per cent to $1,267.70 an ounce in New York in Friday’s trade. In the national capital, gold of 99.9 and 99.5% purity advanced by Rs70 each to Rs29,550 and Rs29,400 per 10 grams, respectively. The precious metal had gained Rs130 in the last two days.

Sovereign, however, remained flat at Rs24,400 per piece of eight grams. However, silver continued to face selling pressure and fell further by Rs275 to Rs40,225 per kg and weekly- based delivery declined by Rs115 to Rs39,505 per kg. Silver coins, however, remained unaltered at Rs70,000 for buying and Rs71,000 for selling of 100 pieces.

Source: LiveMint