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Gold perks up as global cues stay positive, buying helps

Statesman News Service |

After Friday’s slide, gold regained its form to trade higher by Rs.80 at Rs.31,600 per 10 grams on Saturday, taking positive cues from the global market amid buying by jewellers in the domestic spot market.

However, silver fell by Rs.300 to Rs.46,500 per kg on reduced off-take by industrial units and coin makers.

Bullion traders said a firm trend overseas after the US Fed kept interest rates unchanged boosted demand for the precious metal. That apart, fresh purchases by jewellers at the domestic spot market led to the recovery in gold prices.

Globally, gold rose 0.03 per cent to $1,337.10 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs.80 each to Rs.31,600 and Rs.31,450 per 10 grams, respectively. The metal had shed Rs.30 on Friday.

Sovereign, however, was unchanged at Rs.24,500 per piece of eight grams in limited deals.

On the other hand, silver ready dropped by Rs.300 to Rs.46,500 per kg and weekly-based delivery by Rs.370 to Rs 46,815 per kg. Its coins, however, continued to be traded at previous levels of Rs.77,000 for buying and Rs. 78,000 for selling of 100 pieces.