Gold remains up on global cues, jewellers’ buying

Wednesday, Feb 3, 2016,16:04 IST By Metrovaartha A A A

New Delhi | Buoyed by positive global cues and sustained buying by jewellers at domestic spot markets, gold continued to rise for the fourth straight day by gaining Rs 100 to trade at Rs 27,400 per ten grams at the bullion market today.

Silver recovered to reclaim Rs 35,000 mark by rising Rs 180 to Rs 35,050 per kg due to increased offtake by industrial units and coin-makers. Traders said apart from a firm global trend, increased buying by jewellers at the domestic spot markets to meet the wedding season demand, supported the upside in gold prices.

Globally, gold edged up 0.09 per cent to USD 1,129.00 an ounce in New York in yesterday’s trade. A depreciating rupee against the dollar that made the imports costlier also influenced the prices.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 100 each to Rs 27,400 and Rs 27,250 per ten grams, respectively. It had gained Rs 250 in the previous three days.

Sovereign followed suit and traded higher by Rs 50 to Rs 22,600 per piece of eight grams. Tracking gold, silver ready also rebounded by Rs 180 to Rs 35,050 per kg and weekly-based delivery traded higher by Rs 210 to Rs 34,945 per kg.

Silver coins spurted by Rs 1,000 to Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.