Gold prices firm up amid rising Iran-Israel tensions
Gold futures, maturing on June 5, 2024, stood at Rs 72,813 per 10 grams on the MCX, up Rs 536 or 0.74 per cent from the previous day’s close of Rs 72,277.
Aided by positive global cues and pick up in demand from local jewellers on account of weddings, gold snapped its two-day falling streak by recovering Rs.75 to Rs.29,700 per 10 grams at the bullion market on Thursday.
Silver also advanced by Rs.200 to Rs.43,200 per kg on increased offtake by industrial units and coin makers.
Bullion traders attributed the recovery in gold prices to a firm trend overseas as the weakness in dollar boosted demand for the precious metals as a safe-haven.
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Globally, gold rose by 0.18 per cent to $1,235.40 an ounce and silver by 0.03 per cent to $17.95 an ounce in Singapore.
Besides, increased buying by local jewellers to meet the wedding season demand contributed to the uptrend, they said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs.75 each to Rs.29,700 and Rs.29,550 per 10 grams, respectively. It had lost Rs.325 in the previous two days.
Sovereign, however, held steady at Rs.24,500 per piece of eight grams.
In the footsteps of gold, silver ready too strengthened by Rs.200 to Rs .3,200 per kg and weekly-based delivery by Rs.115 to Rs.42,700 per kg.
Silver coins, however, remained steady at Rs.72,000 for buying and Rs.73,000 for selling of 100 pieces.
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