Gold price rallies on increased buying by jewellers

Mumbai-India (Apr 10)  Gold rose by Rs 50 to Rs 31,550 per ten gram at the bullion market on Tuesday due to persistent buying by local jewellers despite a weak trend overseas.

Silver too went up by Rs 150 to Rs 39,400 per kg backed by increased offtake by industrial units and coin makers.

Traders said increased buying by local jewellers at domestic spot market to meet retailers’ demand kept gold prices higher, but a weak trend overseas capped the rise.

Globally, gold fell 0.09 per cent to USD 1,334.50 an ounce and silver by 0.12 per cent to USD 16.45 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 50 each to Rs 31,550 and Rs 31,400 per 10 gram, respectively. The precious metal had gained Rs 150 in the previous two sessions.

Sovereign, however, remained flat at Rs 24,800 per piece of eight gram in limited deals.

Silver ready also hardened by Rs 150 to Rs 39,400 per kg and weekly-based delivery by Rs 120 to Rs 38,445 per kg.

Silver coins, however, continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

TheStastesman

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