Gold regained, its sheen with prices climbing by Rs. 350 to Rs. 32,250 per 10 grams at the bullion market on increased buying by local jewellers coupled with a firming trend overseas, reported .
Silver too rose Rs. 450 to Rs. 37,900 per kg backed by increased offtake by industrial units. Sentiment turned upbeat on firm global cues as the dollar slipped further from a 16-month high, raising demand for the precious metals as a safe haven, said citing traders.
Moreover, fresh buying by local jewellers to meet demand from retailers at domestic spot markets fuelled the uptrend.
Know about gold, silver prices:
1. Globally, gold prices edged higher today as the dollar weakened against the pound and euro after the British cabinet approved the prime minister’s draft Brexit plan, reported. Both spot gold and US gold futures were up 0.1 per cent, at $1,212.21 and $1,211.7 per ounce in intraday trade.
2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs. 350 each to Rs. 32,250 and Rs. 32,100 per gram, respectively. It had lost Rs. 250 in the previous two sessions. Sovereign gold, on the other hand, held steady at Rs. 24,800 per piece of 8 grams.
3. Analysts will watch key geopolitical events and US macroeconomic data for further directions. “US will release couple of important data set in the evening session hence we expect yellow metal to remain volatile with positive bias,” said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities.
4. Tracking gold, silver ready rallied Rs. 450 to Rs. 37,900 per cent and weekly-based delivery by Rs. 452 to Rs. 36,671 per kg.
5. Silver coins, however, continued to be at previous level of Rs. 73,000 for buying and Rs. 74,000 for selling of 100 pieces.>