Gold glitters on jewelers buying, silver tops Rs 39,000 mark

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Gold prices rebounded by Rs 180 to Rs 30,700 per 10 grams at the bullion market today on emergence of brisk buying by local jewelers even as the metal weakened overseas. Silver also recaptured the Rs 39,000 mark per kg by gaining Rs 105 due to increased off take by industrial units and coin makers.

Traders said increased buying by local jewellers to meet festive season demand at domestic spot market led to the recovery in gold prices but a weak trend overseas squeezed the gain.

Globally, gold fell 0.07 percent to $1,211.20 an ounce and silver by 0.94 percent to $15.28 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 percent purity climbed by Rs 180 each to Rs 30,700 and Rs 30,550 per 10 grams, respectively. The metal had lost Rs 65 in the previous three sessions.

Sovereign, however, remained steady at Rs 24,600 per piece of eight grams in scattered deals.

In line with the overall trend, silver ready also recovered by Rs 105 to Rs 39,000 per kg, while weekly based delivery shed Rs 35 to Rs 37,965 per kg.

Silver coins spurted by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
Source: Money Control