Millennium Post

Gold remains up on jewellers' buying, global cues

Bullion: Continuing its rising-streak for the second straight week, gold prices advanced by Rs 30 to end at Rs 31,450 per 10 gram at the bullion market, riding on brisk buying by local jewellers amid firm trend overseas.

Silver also rebounded by Rs 650 to Rs 38,150 per kg on increased offtake by industrial units and coin makers.

Traders said persistent buying by local jewellers to meet the rising ongoing festive season demand and a firm trend overseas, mainly kept the precious metals higher.

Globally, gold ended the week shade higher at USD 1,198.70 an ounce and silver at USD 14.25 an ounce in New York.

Diversion of funds from melting equity markets towards the bullion, too influenced the precious metal prices to some extent, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity started the week higher and advanced to Rs 31,700 and Rs 31,550 per 10 grams, respectively on increased buying by local jewellers in tandem with a firm trend overseas.

However, at the fag-end, it met with resistance at higher levels along with weak overseas cues, and settled at Rs 31,450 and Rs 31,300 per 10 gram respectively, still showing a modest rise of Rs 30 each.

Sovereign however finished at previous week's level of Rs 24,500 per piece of eight gram in limited deals.

Silver ready also reclaimed the 38,000-mark to end at Rs 38,150 per kg, showing a gain of Rs 650. Similarly, silver weekly-based delivery recaptured the 37,000-level to close at Rs 37,590 per kg, disclosing a rise of Rs 595.

Silver coins, however, maintained steady at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

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