Home Market Gold maintains uptrend on global cues, jewellers’ buying; silver slumps

Gold maintains uptrend on global cues, jewellers’ buying; silver slumps


Rising for the third straight day, gold prices shot up by Rs 130 to Rs 30,970 per 10 grams at the bullion market today on positive global cues amid increased buying by local jewellers.

However, silver plunged by Rs 645 to Rs 39,255 per kg on lack of buying support from industrial units.

Traders said sentiment was bolstered after gold prices recovered from one-year lows in global markets after US President Donald Trump criticised the strength of the dollar and interest rate increases by the Federal Reserve, pushing the greenback sharply lower.

Globally, gold rose 0.75 per cent to USD 1,231.50 an ounce and silver by 1.47 per cent to USD 15.51 an ounce in New York in yesterday's trade.

Increased buying by local jewellers at the domestic spot market too supported the upmove, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 130 each to Rs 30,970 and Rs 30,820 per 10 grams, respectively. The precious metal had gained Rs 40 in the last two days.

Sovereign, however, remained unchanged at Rs 24,700 per piece of eight grams.

On the other hand, silver ready dropped by Rs 645 to Rs 39,255 per kg, while weekly-based delivery traded higher by Rs 315 to Rs 38,455 per kg on speculative buying.

Silver coins spurted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

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