Gold, silver gain on global cues, buying support

Source: The Hitavada      Date: 17 Dec 2017 11:56:01


Dec 16,


GOLD prices recovered Rs 40 to Rs 29,550 per 10 grams at the bullion market on Saturday on positive global cues and increased buying by local jewellers. Silver also rebounded by Rs 300 to Rs 38,100 per kg, backed by increased offtake by industrial units and coin makers. Sentiment improved largely on the back of a firm trend overseas and pick up in buying by jewellers at the domestic spot market, traders said.

Globally, gold rose by 0.19 per cent to USD 1,255.10 an ounce and silver by 1.13 pc to USD 16.06 an ounce in New York in yesterday’s trade. In the National Capital, gold of 99.9 and 99.5 per cent purity edged higher by Rs 40 each to Rs 29,550 and Rs 29,400 per 10 grams respectively. Sovereign, however, shed Rs 100 to Rs 24,400 per piece of eight grams. Silver ready rose by Rs 300 to Rs 38,100 per kg while the weekly-based delivery gained Rs 185 to Rs 37,205 per kg.