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Gold prices stay strong on global cues, jewellers’ buying

Thu, May 25 2017

New Delhi: Rising for the second straight day, gold prices gained Rs50 to Rs29,150 per 10 grammes at the bullion market on Thursday on firm trend overseas and sustained buying by local jewellers.

Silver also recovered by Rs350 to Rs39,950 per kg, backed by increased offtake by industrial units and coin makers.

Minutes from the Federal Reserve’s last meeting pointed to a June rate hike, which weakened the dollar and raised appeal for the precious metals, brokers said.

Globally, gold surged 0.63% to end at $1,258.60 an ounce while silver rose 0.97% to 17.22 an ounce in New York in Wednesday’s trade.

In the national capital, gold of 99.9% and 99.5% purity rose Rs50 each to Rs29,150 and Rs29,000 per 10 grammes, respectively. The metal had gained Rs185 on Wednesday. Sovereign, however, remained unaltered at Rs24,400 per piece of eight grammes.

Following gold, silver ready rebounded by Rs350 to Rs39,950 per kg and weekly-based delivery gained Rs435 to Rs39,945 per kg. Silver coins, however, continued to be traded at the previous level of Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

http://www.livemint.com/Money/ie9rxZznQBvFFQGH1wW8gL/Gold-prices-stay-strong-on-global-cues-jewellers-buying.html