New Delhi: Gold recovered by Rs50 to Rs30,850 per ten gram at the bullion market on Saturday largely on positive cues from overseas and increased buying by local jewellers.
Silver also climbed Rs300 to Rs41,500 per kg due to increased offtake by industrial units and coin makers. Sentiment got a lift after gold surged overseas buoyed by a weak dollar, with investors waiting for key US inflation data for clues on the outlook for potential hikes in US interest rates, traders said.
Globally, gold rose 0.79% to $1,303.30 an ounce and silver by 1.02% to $17.41 an ounce in New York in Friday’s trade. Besides, pick-up in buying by local jewellers to meet the ongoing festive season demand at domestic spot market too fuelled the uptrend, they said.
In the national capital, gold of 99.9% and 99.5% purity went up by Rs50 each to Rs30,850 and Rs30,700 per ten gram, respectively. The precious metal had shed Rs30 in Friday’s trade. Sovereign however remained unaltered at Rs24,700 per piece of eight gram in limited deals.
Following gold, silver ready rebounded by Rs300 to Rs41,500 per kg and weekly-based delivery traded higher by Rs15 to Rs40,400 per kg. On the other hand, silver coins continued to trade at the previous level of Rs74,000 for buying and Rs75,000 for selling of 100 pieces. PTI