Gold price glitters on jewellers’ buying, silver tops ₹39,000-mark

August 12, 2018

New Delhi-India (Aug 12)  Gold prices rebounded by ₹180 to ₹30,700 per 10 grams at the bullion market on Saturday on emergence of brisk buying by local jewellers even as the metal weakened overseas.

Silver also recaptured the ₹39,000-mark per kg by gaining ₹105 due to increased offtake by industrial units and coin makers.

Traders said increased buying by local jewellers to meet festive season demand at domestic spot market led to the recovery in gold prices but a weak trend overseas squeezed the gain.

Globally, gold fell 0.07% to USD 1,211.20 an ounce and silver by 0.94% to USD 15.28 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9% and 99.5% purity climbed by ₹180 each to ₹30,700 and ₹30,550 per 10 grams, respectively. The metal had lost ₹65 in the previous three sessions.

Sovereign, however, remained steady at ₹24,600 per piece of eight grams in scattered deals.

In line with the overall trend, silver ready also recovered by ₹105 to ₹39,000 per kg, while weekly-based delivery shed ₹35 to ₹37,965 per kg.

Silver coins spurted by ₹1,000 to ₹74,000 for buying and ₹75,000 for selling of 100 pieces.


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