Gold prices extend gains as govt eases buying norms

October 9, 2017

New Delhi-India (Oct 9)  Gold prices rose by Rs70 to Rs30,620 per 10 grams at the bullion market on Monday, as buying by jewellers and retailers increased after the government revoked an order mandating permanent account number (PAN) and Aadhaar cards for purchases above Rs50,000.

A firming trend overseas, stoked by demand for the safe- haven on fresh concerns over North Korea’s nuclear plans, also helped strengthen gold rates in the domestic market. This was its third straight day of gains. It had gained Rs175 in the previous two days.

Silver followed suit and advanced by Rs 100 to Rs 40,700 per kg on increased offtake by industrial units and coin makers.

Market sentiment turned upbeat with the government revoking an order that mandated PAN and Aadhaar cards for purchases above Rs50,000, spurring retail buying. The government has removed gems and jewellery dealers from the purview of the reporting requirement under the Prevention of Money Laundering Act (PMLA). The government rolled back a 23 August notification that notified dealers in precious metals, precious stones and other high value goods as persons carrying on designated business and professions under the PMLA, 2002.

Globally, gold prices rose 0.48% at $1,282.20 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity advanced by Rs70 each to Rs30,620 and Rs30,470 per 10 grams, respectively. Sovereign, however, remained unaltered at Rs24,700 per piece of eight grams.

Tracking gold, silver ready strengthened by Rs100 to Rs40,700 per kg and weekly-based delivery by Rs270 to Rs39,870 per kg. Silver coins, however, continued to be traded at previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.


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