Gold rises on firm global cues, festive season buying

Source: The Hitavada      Date: 15 Oct 2017 09:59:10


NEW DELHI,

Oct 14,

(PTI),

GOLD recovered by Rs 50 to Rs 30,850 per ten gram at the bullion market on Saturday largely on positive cues from overseas and increased buying by local jewellers. Silver also climbed Rs 300 to Rs 41,500 per kg due to increased offtake by industrial units and coin makers. Sentiment got a lift after gold surged overseas buoyed by a weak dollar, with investors waiting for key US inflation data for clues on the outlook for potential hikes in US interest rates, traders said.

Globally, gold rose 0.79 per cent to USD 1,303.30 an ounce and silver by 1.02 per cent to USD 17.41 an ounce in New York in Friday’s trade. Besides, pick-up in buying by local jewellers to meet the ongoing festive season demand at domestic spot market too fuelled the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity went up by Rs 50 each to Rs 30,850 and Rs 30,700 per ten gram, respectively. The precious metal had shed Rs 30 in Friday’s trade. Sovereign however remained unaltered at Rs 24,700 per piece of eight gram in limited deals. Following gold, silver ready rebounded by Rs 300 to Rs 41,500 per kg and weekly-based delivery traded higher by Rs 15 to Rs 40,400 per kg.