Gold prices surge on global cues, persistent buying

New Delhi-India (Oct 10)  Gold prices rallied by Rs145 to Rs30,765 per ten gram at the bullion market on Tuesday in line with a firming trend overseas amid increased buying by local jewellers. Silver followed suit as prices went up by Rs290 to Rs40,990 per kg on increased offtake by industrial units and coin makers.

Bullion traders said a firming trend overseas where gold rose to the highest in more than a week as an uptick in geopolitical uncertainty raised demand for the precious metal as safe haven, kept gold and silver prices higher. Moreover, persistent buying by local jewellers to meet the ongoing seasonal demand at domestic spot market too supported the upside, they added.

Globally, gold rates surged by 0.26% to $1,287 an ounce and silver by 0.50% to $17.04 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity advanced by Rs145 each to Rs30,765 and Rs30,615 per 10 gram, respectively. The precious metal had gained Rs245 in last three days. Sovereign however remained flat at Rs24,700 per piece of eight gram.

Tracking gold, silver ready hardened by Rs290 to Rs40,990 per kg and weekly-based delivery by Rs320 to Rs40,190 per kg. Silver coins however were unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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