Gold price recaptures Rs. 29,000-mark; silver climbs to Rs. 38,500

Mumbai-India (July 18)  Gold bounced back to recapture the Rs. 29,000-mark by climbing Rs. 150 to Rs. 29,100 per ten grams at the bullion market today, taking positive lead from global market amid increased buying by local jewellers.

Silver remained firm on increased demand from industrial units and coin makers and advanced by Rs. 320 to Rs. 38,500 per kg.

Traders attributed the rise in gold prices to a firm trend in global markets as the US dollar slipped against a basket of major currencies after recent soft US inflation raised demand for the precious metals as a safe haven.

Besides, pick-up in buying by local jewellers at the domestic spot market supported the upside in prices.

Globally, gold rose 0.31 per cent to $1,237.88 an ounce and silver by 0.53 per cent to $16.20 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity went up by Rs. 150 each to Rs. 29,100 and Rs. 28,950 per ten grams, respectively. The metal had lost Rs. 100 yesterday. Sovereign, however, remained flat at Rs. 24,400 per piece of eight grams.

Silver ready rose further by Rs. 320 to Rs. 38,500 per kg and weekly-based delivery traded higher by Rs. 280 to Rs. 37,450 per kg. Silver coins too spurted by Rs. 1,000 at Rs. 71,000 for buying and Rs. 72,000 for selling of 100 pieces

BusinessLine