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.
Breaking its 5-day fall, gold on Saturday rode on a wave of local buying activity as it rose Rs.200 to Rs.29,050 per 10 grams, aided by a firm global trend.
Silver edged up on uptick in demand from industrial units and coin makers.
Traders attributed the rebound in gold prices to a firm trend overseas and increased buying by local jewellers at the domestic spot market.
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Globally, gold firmed up 0.31 per cent to $1,204.50 an ounce and silver 0.44 per cent to $17.02 an ounce in New York on Friday.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs.200 each to Rs.29,050 and Rs.28,900 per 10 grams, respectively. The metal had lost Rs.1,250 in the previous five days.
Sovereign, however, remained flat at Rs.24,300 per piece of eight grams.
Following gold, silver ready inched up by Rs.5 to Rs.40,980 per kg while weekly-based delivery fell by Rs.250 to Rs.40,530 per kg due to lack of speculators' buying support.
Silver coins jumped Rs.2,000 to Rs.72,000 for buying and Rs.73,000 for selling of 100 pieces.
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