Gold price up on global cues, jewellers’ buying

New Delhi-India (Mar 11)  Gold price rose yesterday by Rs 100 to Rs 31,450 per 10 gram to end its two-day slide at the bullion market on buying by local jewellers after positive global trends.

Silver also rebounded by Rs 265 to Rs 39,650 a kg backed by increased offtake by industrial units and coin makers.

Traders said apart from a firm trend overseas, fresh buying by local jewellers at domestic spot market led to the recovery in gold prices.

Globally, gold rose 0.11 per cent to $ 1,323.10 an ounce and silver by 0.64 per cent to $ 16.57 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity went up by Rs 100 each to Rs 31,450 and Rs 31,300 per ten gram, respectively. The precious metal had lost Rs 320 in the last two sessions.

Sovereign, however, remained flat at Rs 24,800 per piece of eight gram.

Following gold, silver ready rose by Rs 265 to Rs 39,650 a kg and weekly-based delivery by Rs 255 to Rs 38,945 a kg.

Silver coins, however, continued to be traded at previous level of Rs 74,000 per 100 pieces for buying and Rs 75,000 per 100 pieces for selling.

BusinessLine