Gold prices rise on positive global cues, jewellers’ buying

New Delhi-India (Nov 27)  Gold prices rallied by Rs100 to Rs30,550 per 10 gram at the bullion market on Monday, driven by a firm trend overseas amid fresh buying by local jewellers. Silver followed suit and edged up by Rs100 to Rs40,400 per kg due to increased offtake by industrial units and coin makers.

Traders said gold gained on a firm trend overseas as the dollar held close to a two-month low, raising appeal of the precious metal as a safe haven. Besides, fresh buying by local jewellers to meet ongoing wedding season demand at domestic spot market led to the recovery in gold prices.

Globally, gold rates rose 0.27% to $1,291.40 an ounce and silver by 0.18% to $17.04 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity rebounded by Rs100 each to Rs30,550 and Rs30,400 per 10 gram, respectively. The precious metal had lost Rs100 in last two sessions. Sovereign however remained flat at Rs24,700 per piece of eight gram.

Silver ready went up by Rs100 to Rs40,400 per kg and weekly-based delivery by Rs90 to Rs39,330 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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