Gold recovers on jewellers’ buying; silver cracks below  Rs 39,000-mark

Source: The Hitavada      Date: 18 Jun 2017 07:57:05


June 17,


AFTER a three-day falling streak, gold prices recovered Rs 55 to Rs 29,170 per 10 grams at the bullion market here on Saturday on scattered buying by local jewellers even as the metal weakened overseas. Silver, however, remained under selling pressure and cracked below the Rs 39,000-mark by falling Rs 250 to Rs 38,800 per kg.

In the National Capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 55 each to Rs 29,170 and Rs 29,020 per 10 grams, respectively. It had lost Rs 205 in the last three days. Sovereign, however, remained flat at Rs 24,400 per piece of eight grams. On the other hand, silver ready drifted lower by Rs 250 to Rs 38,800 per kg and weekly-based delivery by Rs 285 to Rs 38,480 per kg.

Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. Traders attributed recovery in gold prices to mild buying by local jewellers at domestic spot markets but a weak trend overseas capped the rise.

Globally, gold fell 0.02 pc to USD 1,253.40 an ounce and silver by 0.27 per cent to USD 16.69 an ounce in New York in yesterday’s trade.