Gold prices jump by Rs255 on global cues, jewellers’ buying

New Delhi-India (Nov 7)  Gold prices surged by Rs255 to Rs30,390 per 10 grams at the bullion market on Tuesday riding on firm global cues and wedding season buying by local jewellers. Silver also staged a recovery, climbing Rs650 to Rs40,700 per kg on increased offtake by industrial units and coin makers.

Sentiment got a boost after gold extended gains overseas as geopolitical risks drove investors to safe-haven assets, traders said. Besides, a weaker US dollar against the major basket of currencies and pick-up in buying by local jewellers to meet wedding season demand at domestic spot markets fuelled the uptrend, they added.

Globally, gold rates surged 0.95% higher at $1,281.50 an ounce and silver rose 2.38% to $17.20 an ounce in New York on Tuesday.

In the national capital, gold of 99.9% and 99.5% purity went up by Rs255 to Rs30,390 and Rs30,240 per 10 grams, respectively. The precious metal had lost Rs115 in Monday’s trade. Sovereign, however, remained flat at Rs24,700 per piece of eight grams in limited deals.

Tracking gold, silver ready climbed by Rs650 to Rs40,700 per kg and weekly-based delivery by Rs690 to Rs39,825 per kg. Silver coins too flared up by Rs1,000 to Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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