Gold prices top Rs32,000-mark on jewellers’ buying, global cues

New Delhi-India (May 30)   Halting a three-day slide, gold prices rebounded by Rs230 to reach Rs32,090 per 10 grams on revival of buying by local jewellers amid firm global cues. However, silver prices remained under selling pressure and lost another Rs200 to Rs40,700 per kg.

Traders said fresh buying by local jewellers and retailers at existing lower levels at the domestic spot market and a firm trend overseas, as political uncertainty in Italy and concerns of a possible China-US trade war spurred safe-haven demand, mainly led to the rebound in gold prices.

Globally, gold rate rose 0.09% to $1,298.40 an ounce in New York in Tuesday’s trade.

In the national capital, gold of 99.9% and 99.5% purity recovered by Rs 230 each to Rs32,090 and Rs31,940 per 10 grams, respectively. The precious metal had lost Rs615 in the previous three sessions. Sovereign, however, remained steady at Rs24,800 per piece of eight grams.

On the other hand, silver ready fell by Rs200 to Rs40,700 per kg and weekly-based delivery cracked below the Rs40,000-mark by plunging Rs335 to Rs39,785 per kg. Silver coins were unaltered at Rs76,000 for buying and Rs77,000 for selling of 100 pieces.

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