Gold shines on global cues, jewellers' buying

NEW DELHI: Gold prices climbed by Rs 100 to Rs 31,900 per 10 grams at the bullion market today, largely in line with a firm trend overseas amid pick up in buying by local jewellers.

However, silver remained under selling pressure and declined by Rs 190 to Rs 41,000 per kg.

Traders attributed the rise in gold prices to a firm trend overseas, supported by a weaker dollar as the trade spat between the US and China intensified, raising safe-haven buying.

Globally, gold rose by 0.28 per cent to USD 1,281.50 an ounce in Singapore.

Increased buying by local jewellers at the domestic spot markets and a depreciating rupee against the dollar, which made imports of gold costlier, also fuelled the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 100 each to Rs 31,900 and Rs 31,750 per 10 grams, respectively.

Sovereign, however, remained flat at Rs 24,800 per piece of eight grams in limited deals.

On the other hand, silver ready drifted further down by Rs 190 to Rs 41,000 per kg and weekly-based delivery shed Rs 130 to Rs 40,005 per kg.

Silver coins remained unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)

 

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PTI