Gold prices gain amid local buying, global cues

New Delhi (Oct 29)  Gold prices recovered by Rs 75 to Rs 30,350 per 10 grams at the bullion market today on increased buying by local jewellers amid positive leads from global markets.

Silver followed suit and reclaimed the Rs 40,000-mark, rising Rs 275 to Rs 40,200 per kg on increased offtake by industrial units and coin makers.

.Traders said that apart from a firm trend overseas, increased buying by local jewellers to meet wedding season demand at domestic spot markets led to rise in gold prices.

Globally, gold rose 0.55 per cent to $1,273.20 an ounce and silver by 0.45 per cent to $16.84 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity went up by Rs 75 each to Rs 30,350 and Rs 30,200 per 10 grams respectively. The precious metals had lost Rs 275 in yesterday's trade.

 Sovereign, however, remained flat at Rs 24,700 per piece of eight grams.

Following gold silver ready rebounded by Rs 275 to Rs 40,200 per kg, while weekly-based delivery shed Rs 20 to Rs 39,150 per kg.

 On the other hand, coins maintained a steady trend at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

TheTimesOfIndia