Gold gains on global cues, buying by local jewellers

NEW DELHI: Offsetting four days of losses, gold prices on Monday recovered Rs 390 to close at Rs 31,850 per 10 gram at the bullion market in the national capital on rise in demand from local jewellers amid firm trend overseas.

Silver followed suit and shot up by Rs 800 to 37,360 kg on strong demand from industrial units and coin makers.

Traders said rise in demand from jewellers and retailers and strong global cues led to a spurt in gold prices.

The precious metal had lost Rs 390 in the past four sessions. In the national capital, gold of 99.9% and 99.5% purity rose by Rs 390 each to Rs 31,850 and Rs 31,700 per 10 gram, respectively.

Sovereign gold, however, held steady at Rs 24,700 per piece of 8 grams.

Globally, gold traded higher at $1,226.7 an ounce in New York, while silver moved up to $14.3 an ounce.

Meanwhile, silver ready spurted by Rs 800 to Rs 37,360 per kg, while weekly-based delivery rose by Rs 602 to Rs 35,749 per kg.

Silver coins, however, ended flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

The development was reported by

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