Gold prices regain sheen on global cues, jewellers’ buying

New Delhi-India (Dec 3)  Reversing a two-day slide, gold prices rose by Rs250 to Rs30,500 for 10 grams in Delhi bullion market on Saturday, largely driven by a firm trend overseas amid pick-up in buying by jewellers at the domestic spot market.

Bullion traders attributed the recovery in gold prices to a firm trend overseas as the weakness in dollar boosted demand for the precious metal as a safe-haven.

Globally, gold rose by 0.39% to $1,279.60 an ounce in New York yesterday.

In addition, increased buying by local jewellers to meet ongoing wedding season demand fuelled the uptrend, they said.

In the national capital, gold of 99.9% and 99.5% purity rebounded by Rs250 each to Rs30,500 and Rs30,350 per 10 grams, respectively. It had lost Rs270 in the previous two days. Sovereign, however, held steady at Rs24,700 per piece of eight grams.

On the other hand, silver ready remained bearish and fell by Rs50 to Rs39,150 per kg and weekly-based delivery slipped by Rs130 to Rs37,580 per kg. Silver coins, however, remained steady at Rs73,000 for buying and Rs74,000 for selling of 100 pieces.

LiveMint

Silver Phoenix Twitter                 Silver Phoenix on Facebook