Gold prices rise by Rs110 on global cues, jewellers’ buying

New Delhi-India (Apr 2)   Gold prices rallied by Rs110 to Rs31,460 per 10 gram at the bullion market on Monday, tracking a firm trend overseas amid sustained buying by local jewellers. Silver prices also advanced by Rs175 to Rs39,375 per kg due to increased offtake by industrial units and coin makers.

Traders said that sentiment remained upbeat on the back of a firm trend overseas as the dollar eased amid fresh concerns of trade tensions between the US and China. Besides, increased buying by local jewellers at domestic spot market too supported the uptrend, they said.

Globally, gold rate rose 0.44% to $1,330.80 an ounce and silver by 0.55% to $16.44 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity rose further by Rs110 each to Rs31,460 and Rs31,310 per 10 gram, respectively. It had gained Rs50 in Saturday’s trade. Sovereign however remained unaltered at Rs24,800 per piece of eight gram in limited deals.

In line with gold, silver ready strengthened by Rs175 to Rs39,375 per kg and weekly-based delivery by Rs205 to Rs38,525 per kg. Silver coins however continued to trade at last level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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