Gold prices regain glitter on jewellers’ buying, global cues

New Delhi-India (Oct 24)  Gold prices on Tuesday made a turnaround after three days of losses, recovering by Rs60 to Rs30,510 per 10 grams at the bullion market on increased buying by local jewellers amid positive global cues. Silver recaptured the Rs41,000-mark per kg by gaining Rs100 due to increased offtake by industrial units and coin makers.

Traders said besides pick-up in buying by local jewellers at domestic spot market, a firm trend overseas mainly on the back of a slightly weaker dollar, raising appeal of the precious metals, led to the rise in gold prices. Globally, gold rates rose 0.16% to $1,282 an ounce and silver went up 0.32% to $17.05 an ounce in New York in Monday’s trade.

In the national capital, gold of 99.9% and 99.5% purity rebounded by Rs60 each to Rs30,510 and Rs30,360 per 10 grams, respectively. The precious metal had lost Rs550 in the previous three days. Sovereign, however, remained unaltered at Rs24,700 per piece of eight grams.

In line with the overall trend, silver ready advanced by Rs100 to Rs41,000 per kg, while weekly-based delivery plunged by Rs805 to Rs39,905 per kg on lack of speculators’ buying support. Silver coins, however, continued to be traded at the previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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