Gold prices rise on global cues, jewellers’ buying

New Delhi-India (Oct 26)  Gold prices recovered by Rs50 to Rs30,550 per 10 grams at the bullion market on Thursday, driven by a firm trend overseas amid fresh buying by local jewellers. However, silver remained under selling pressure and lost another Rs250 to Rs40,450 per kg.

Traders said besides a firm trend overseas with the dollar easing ahead of a key European Central Bank meeting later in day, pick-up in buying by local jewellers mainly led to the recovery in gold prices. Globally, gold rose 0.10% to $1,278.50 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity rebounded by Rs50 each to Rs30,550 and Rs30,400 per 10 grams, respectively. The precious metal had shed Rs10 on Wednesday. Sovereign, however, remained flat at Rs24,700 per piece of eight grams.

On the other hand, silver ready drifted further lower by Rs250 to Rs40,450 per kg and weekly-based delivery by Rs20 to Rs39,615 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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