New Delhi: Gold prices rallied by Rs80 to Rs30,780 per 10 gram at the bullion market on Tuesday on fresh buying by local jewellers to meet festive season demand even as the metal weakened overseas. Silver also recaptured the Rs41,000-mark by surging Rs520 to Rs 41,270 per kg on increased offtake by industrial units and coin makers.
Traders said fresh buying by local jewellers to meet festive season demand at the domestic spot market mainly led to the recovery in gold prices, but a weak trend overseas capped the rise. Globally, gold prices fell 0.35% to $1,305.70 an ounce and silver by 0.41% to $17.09 an ounce in Singapore. The depreciating rupee against the dollar, making the imports costlier, too influenced gold prices, they said.
In the national capital, gold of 99.9% and 99.5% purity went up by Rs80 each to Rs30,780 and Rs30,630 per 10 gram, respectively. The precious metal had lost Rs150 in the previous two sessions. Sovereign however remained flat at Rs24,700 per piece of eight gram.
On the other hand, silver ready advanced by Rs520 to Rs41,270 per kg and weekly-based delivery spurted by Rs860 to Rs40,510 per kg. Silver coins however continued to be traded at previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces.