Gold prices bounced back by Rs 150 to Rs 31,950 per 10 grams at the bullion market on the back of positive global trend and fresh buying by local jewellers.
Silver followed suit and recovered by Rs 250 to Rs 39,750 per kg due to increased offtake from industrial units and coin makers.
Traders attributed the rise in gold prices to a firm trend overseas supported by a weak US dollar against basket of major currencies. Though, easing trade tensions between the US and China, capped some gains in the yellow metal.
Globally, gold rose 0.48 per cent to USD 1,353.90 an ounce and silver by 0.85 per cent to USD 16.67 an ounce in New York in Monday’s trade. Besides, pick-up in buying by local jewellers at domestic spot market, fuelled the uptrend.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 150 each to Rs 31,950 and Rs 31,800 per 10 grams, respectively. It had shed Rs 35 on Monday. Sovereign, however, remained flat at Rs 24,800 per piece of eight grams.
Silver ready also moved up by Rs 250 to Rs 39,750 per kg and weekly-based delivery by Rs 225 to Rs 38,980 per kg. Silver coins, however, continued to be traded at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
Source By : www.jupiterr.co