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Gold regains on jewellers’ buying, global cues

PTI | New Delhi |

Gold regained glitter on Thursday with the price rising by Rs 145 to Rs 30,620 per 10 grams, driven largely by a firm trend overseas as well as pick-up in buying by jewellers in the domestic spot market.

Silver also recovered by Rs 180 to Rs 39,680 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 for investors.

Globally, gold rose by 0.06 per cent to USD 1,317.10 an ounce and silver by 0.18 per cent to USD 16.97 an ounce in Singapore.

In addition, increased buying by local jewellers ahead of wedding season, fuelled the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 145 each to Rs 30,620 and Rs 30,470 per 10 grams, respectively. It had lost Rs 25 yesterday.

Sovereign, however, held steady at Rs 24,700 per piece of eight grams.

Silver ready rose by Rs 180 to Rs 39,680 per kg and weekly-based delivery by Rs 155 to Rs 38,990 per kg.

Silver coins also spurted by Rs 1,000 to end at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.