Gold Price gains on global cues, jewellers’ buying

New Delhi-India (May 14)  Gold maintained its upward trend for the second day on Saturday, gaining another Rs25 at Rs28,575 per 10 grams on positive global cues and sustained buying by local jewellers at the bullion market.

Silver followed suit and gained another Rs200 to Rs38,600 per kg on increased offtake by industrial units and coin makers. Traders said that besides a firm trend overseas, sustained buying by local jewellers mainly kept gold prices higher. Globally, gold rose 0.24% to $1,227.70 an ounce and silver moved up 0.83% to $16.44 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9 and 99.5% purity inched up further by Rs25 each to Rs28,575 and Rs28,425 per 10 grams, respectively. It had gained Rs150 on Friday. Sovereign, however, remained unaltered at Rs24,300 per piece of eight grams in limited deals. Silver ready advanced by Rs200 to Rs38,600 per kg, while weekly-based delivery fell by Rs125 to Rs38,155 per kg.

Silver coins, however, continued to trade at last level of Rs69,000 for buying and Rs70,000 for selling of 100 pieces.

Source: LiveMint