Gold prices rise on jewellers’ buying, global cues

New Delhi-India (Oct 4)  Gold prices edged up by Rs50 to Rs30,600 per 10 grams at the bullion market on Wednesday on seasonal buying by jewellers and a firming trend overseas. Silver also recovered by Rs250 to Rs40,450 per kg due to increased offtake by industrial units and coin makers.

Traders said, apart from pick up in buying by local jewellers triggered by festive season, a firm trend overseas as weakening dollar raised demand for the precious metals as safe-haven, mainly influenced sentiment. Globally, gold rates rose 0.37% to $1,275.80 an ounce and silver by 0.81% to $16.75 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity went up by Rs50 each to Rs30,600 and Rs30,450 per 10 grams, respectively. It had lost Rs200 in Tuesday’s trade. Sovereign, however, remained flat at Rs24,700 per piece of eight grams.

In tune with gold, silver ready rebounded by Rs250 to Rs40,450 per kg and weekly-based delivery by Rs265 to Rs39,550 per kg. Silver coins, however, continued to be traded at previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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