Gold prices surge on jewellers’ buying, silver tops ₹39,000 mark

Globally, gold fell 0.07% to ₹1,211.20 an ounce and silver by 0.94% to ₹15.28 an ounce in New York in yesterday’s trade. Photo: Mint

Globally, gold fell 0.07% to ₹1,211.20 an ounce and silver by 0.94% to ₹15.28 an ounce in New York in yesterday’s trade. Photo: Mint

New Delhi: Gold prices rebounded by ₹180 to ₹30,700 per 10 grams in Delhi bullion market on Saturday on emergence of brisk buying by local jewellers even as the metal weakened overseas, PTI reported.

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, the agency reported.

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

In the national capital, gold of 99.9% and 99.5% purity climbed by ₹180 each to ₹30,700 and ₹30,550 per 10 grams, respectively. The metal had lost ₹65 in the previous three sessions. Sovereign, however, remained steady at ₹24,600 per piece of eight grams in scattered deals.

In line with the overall trend, silver ready also recovered by ₹105 to ₹39,000 per kg, while weekly-based delivery shed ₹35 to ₹37,965 per kg. Silver coins spurted by ₹1,000 to ₹74,000 for buying and ₹75,000 for selling of 100 pieces.

On Friday, the Indian rupee fell sharply by 15 paise to end at 68.83 against the resurgent dollar amid fears of escalation in trade tensions worldwide. Rupee hit a fresh 3-week low in early trade before regaining some lost ground.

The Indian currency has lost over 7% this year, with worries over the US-China trade conflict pushing it to a new record low of 69.122 against the dollar in July, making it the worst performing Asian currency.

BSE Sensex on Friday closed lower by 155.14 points, or 0.41%, to 37,869.23, while the Nifty 50 fell 41.20 points, or 0.36%, to close at 11,429.50. In intraday trade, Sensex fell 208.62 points to 37,815.75 and the Nifty 50 declined 51.05 points to 11,419.65.

Both the key indices ended with gains for the third straight week. This week, the Sensex rose 313.07 points, while the Nifty 50 advanced 68.70 points.

BSE MidCap and SmallCap declined 0.80% and 0.78%, respectively. Among the sectoral indices on BSE, metal fell most at 2.01% followed by basic materials, utilities, capital goods, industrials and healthcare losing over 1%. Meanwhile, consumer durables, IT, teck and auto gained.

First Published: Sat, Aug 11 2018. 03 42 PM IST

Source: livemint