Gold price rallies on global cues, silver tops Rs41,000 mark

New Delhi-India (Sept 1)  Gold firmed up by Rs150 to Rs30,200 per 10 grammes at the bullion market on Friday after the precious metal climbed to about 10-month high overseas amid increased buying by local jewellers.

Silver also surged by Rs700 to Rs41,200 per kg on increased offtake by industrial units and coin makers.

Traders attributed the recovery in gold prices to a firm trend overseas where the precious metal soared to almost 10-month high as tension over North Korea lingered, raising safe-haven demand for the yellow metal amid increased buying by local jewellers at domestic spot markets.

Globally, gold rose 0.97% to $1,320 an ounce and silver by 0.86% to $17.54 an ounce in New York in Thursday’s trade. In Delhi, gold of 99.9% and 99.5% purity climbed by Rs150 each to Rs30,200 and Rs30,050 per 10 grammes, respectively. It had lost Rs400 in last two days.

Sovereign, however, remained flat at Rs24,600 per piece of eight grammes.

Following gold, silver ready surged by Rs700 to Rs41,200 per kg and weekly-based delivery by Rs565 to Rs39,780 per kg. On the other hand, silver coins maintained a steady trend at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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