Gold prices recoup on positive global leads, jewellers’ buying

New Delhi-India (Mar 27)  Gold prices bounced back by Rs150 to Rs31,950 per 10 grams at the bullion market on Tuesday on the back of positive global trend and fresh buying by local jewellers. Silver prices recovered by Rs250 to Rs39,750 per kg due to increased offtake from industrial units and coin makers.

Traders attributed the rise in gold prices to a firm trend overseas supported by a weak US dollar against basket of major currencies. Though, easing trade tensions between the US and China, capped some gains in the yellow metal. Besides, pick-up in buying by local jewellers at domestic spot market, fuelled the uptrend.

Globally, gold rate rose 0.48% to $1,353.90 an ounce and silver by 0.85% to $16.67 an ounce in New York in Monday’s trade.

In the national capital, gold of 99.9% and 99.5% purity rebounded by Rs150 each to Rs31,950 and Rs31,800 per 10 grams, respectively. It had shed Rs35 on Monday. Sovereign, however, remained flat at Rs24,800 per piece of eight grams.

Silver ready also moved up by Rs250 to Rs39,750 per kg and weekly-based delivery by Rs225 to Rs38,980 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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