As jewellers call off strike, gold price glitters
Gold regained its sheen to trade higher by Rs 215 to Rs 29,790 per ten grams as the bullion market in the national capital reopened after two days of strike, while silver rallied by Rs 775 to Rs 40,975 per kg largely in tune with a firming global trend. Moreover, ongoing wedding season demand supported the uptrend in the precious metal prices.
The market, which opened after two days of jewellers' strike against 1 per cent excise duty on non-silver jewellery witnessed rising demand from retailers and stockists for the ongoing wedding season amid firm global cues. Different jewellers associations had collectively called a three-day strike on Monday, demanding rollback of the one per cent excise duty.
Globally, gold rose 0.08 per cent to $1,244.30 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity rose by Rs 215 each to Rs 29,790 and Rs 29,640 per ten grams respectively, while sovereign held steady at Rs 23,200 per piece of eight grams.
Similarly, silver ready prices spurted by Rs 775 to Rs 40,975 per kg and weekly-based delivery by Rs 755 to Rs 40,740 per kg. On the other hand, silver coins traded at previous level of Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.