Gold price touches Rs32,000 on jewellers’ demand

New Delhi-India (May 23)  Gold rallied by Rs120 to Rs32,000 per ten gram on increased buying by local jewellers amid strong overseas trend. Silver also strengthened by Rs300 to Rs41,400 per kg due to increased offtake by industrial units and coin makers.

Traders said increased buying by local jewellers to meet retailers’ demand at domestic spot market and a depreciating rupee against the dollar, making gold import costlier, supported the uptrend.

Besides, the metal surged as its prices rose slightly in global markets amid a firm dollar and uncertainty over the outcome of US-China trade talks, while investors waited for minutes from the Federal Reserve’s meet for clues on the outlook for US interest rates.

Globally, gold rose 0.12% to $1,292.20 an ounce in Singapore. In the national capital, gold of 99.9% and 99.5% purity shot up by Rs120 each to Rs32,000 and Rs31,850 per ten gram, respectively. It had edged up by Rs5 in Tuesday’s trade.

Sovereign however held steady at Rs24,800 per piece of eight gram. In step with gold, silver ready advanced by Rs300 to Rs41,400 and weekly-based delivery by Rs175 to Rs40,480 per kg. Silver coins however held steady at Rs76,000 for buying and Rs77,000 for selling of 100 pieces.

TheMint

Silver Phoenix Twitter                 Silver Phoenix on Facebook