Gold prices move up Rs150 on sustained demand

By Selene 0

New Delhi: Gold remained in a sweet spot for the second day on Monday as the price rose another Rs 150 to Rs 29,150 per 10 grams, making the most of a global uptrend and local jewellers’ penchant for the yellow metal.

Silver played out similarly, higher by Rs 200 at Rs 41,200 per kg, on increased offtake by industrial units and coin makers.

Traders said a firming trend overseas amid weakening of the dollar following the dovish outlook by the US Fed took the precious metal higher. Persistent buying by local jewellers added to the shine.

Globally, gold rose 0.46% to $ 1,234.40 an ounce in Singapore.

Also Read|Global gold prices hit a 2-week high as Fed rate hike guidance weighs on dollar

In Delhi, gold of 99.9% and 99.5% purity surged by Rs 150 each to Rs29,150 and Rs 29,000 per 10 grams, respectively. It had gained Rs50 on Saturday.

Sovereign, however, turned weak and fell by Rs 100 to Rs 24,300 per piece of eight grams. In line with gold, silver ready moved up by Rs200 to Rs41,200 per kg while weekly-based delivery fell by Rs 710 to Rs 40,200 per kg.

Silver coins, however, remained unchanged at Rs70,000 for buying and Rs71,000 for selling of 100 pieces.

First Published: Mon, Mar 20 2017. 02 51 PM IST

Source: Livemint.com