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Gold extends gains on global cues, jewellers' buying
Gold prices maintained an upward trend for the fifth straight day today, gaining Rs 60 to Rs 32,300 per 10 grams at the bullion market on positive global cues and increased buying by local jewellers.
By
migrator
migrator
Mumbai
Silver also strengthened by Rs 200 to Rs 40,770 per kg, backed by increased offtake by industrial units and coin makers.
Sentiment remained upbeat largely on the back of a firm trend overseas and pick up in buying by jewellers to meet ongoing wedding season demand, traders said.
The rupee weakening against the dollar, making imports of precious metals costlier, too gave a push to gold prices, they added.
Globally, gold rose by 0.18 per cent to USD 1,314.50 an ounce and silver by 0.30 per cent to USD 16.52 an ounce in Singapore, a key price-setting Asian market.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity moved up by Rs 60 each to Rs 32,300 and Rs 32,150 per 10 grams, respectively. It had gained Rs 260 in the previous four days.
Sovereign, however, remained flat at Rs 24,800 per piece of eight grams in scattered deals.
Tracking gold, silver ready went up by Rs 200 to Rs 40,770 per kg while weekly-based delivery too rose by a similar margin to trade at Rs 40,070 per kg.
Silver coins too spurted by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
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