Gold prices jump on positive global cues, jewellers’ buying

New Delhi-India (Dec 19)  Gold prices surged by Rs175 to Rs29,700 per 10 grams at the bullion market on Tuesday, driven by a firm trend overseas amid fresh buying by local jewellers. Silver prices also went up by Rs150 to Rs38,250 per kg due to increased offtake by industrial units and coin makers.

Traders said better trend overseas amid a steady dollar with investors monitoring the progress of the US tax reform bill along with pick-up in buying by local jewellers mainly pushed up gold prices. Globally, gold rates rose 0.18% to $1,264.20 an ounce and silver by 0.15% to $16.16 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity bounced back by Rs175 each to Rs29,700 and Rs29,550 per 10 grams, respectively. It had shed Rs25 on Monday. Sovereign, however, held steady at Rs24,500 per piece of eight grams in limited deals.

Following gold, silver ready traded higher by Rs150 to Rs38,250 per kg and weekly-based delivery by Rs165 to Rs37,500 per kg. Silver coins too spurted by Rs1,000 to Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

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