Gold staged a smart recovery at the bullion market today, climbing Rs 350 to Rs 32,350 per 10 grams due to pick-up in buying by local jewellers amid firm global cues. Silver too rebounded by Rs 400 to Rs 40,300 per kg on increased offtake by industrial units and coin makers.
Bullion traders attributed the recovery in gold prices to increased buying by local jewellers to meet retailers demand ahead of ‘Akshya Tritiya’ at the domestic spot market and a firm trend overseas following diversion of funds towards safe-havens.
Globally, gold rose 0.01 per cent to $1,345.50 an ounce and silver by 0.06 per cent to $16.64 an ounce in New York yesterday. The rupee’s depreciation against the dollar also supported the upmove in precious metal prices, they said.
At the national capital, gold of 99.9 per cent and 99.5 per cent purity shot up by Rs 350 each to Rs 32,350 and Rs 32,200 per 10 grams, respectively. It had lost Rs 100 yesterday. Sovereign also gained by Rs 100 to Rs 24,900 per piece of eight grams.
Tracking the movement in gold, silver ready bounced back by Rs 400 to Rs 40,300 per kg and weekly-based delivery by Rs 290 to Rs 39,240 per kg. Silver coins too spurted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.