Gold recovers Rs 80 on jewellers' buying, weak rupee

NEW DELHI: Gold prices regained Rs 80 to Rs 31,650 per 10 grams at the bullion market today on fresh buying by local jewellers amid rupee hitting a lifetime low.

Apart from buying by jewellers, weakness in the rupee which collapsed to a lifetime low of Rs 69.10 against the US dollar that made imports of gold costlier, supported the uptrend in the precious metal prices, traders said.

However, weak leads from global markets after the greenback held near one-year high, capped the gains, they said.

Silver remained under selling pressure and shed Rs 80 to Rs 40,800 per kg.

Globally, gold fell 0.21 per cent to USD 1,249 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 80 each to Rs 31,650 and Rs 31,500 per 10 grams, respectively. It had lost Rs 80 in last two days. Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.

On the other hand, silver ready fell further by Rs 80 to Rs 40,800 per kg and weekly-based delivery by Rs 100 to Rs 39,515 per kg.

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

 

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Author

PTI