Gold remains up on firm global cues, jewellers’ buying

Thursday, Feb 25, 2016,15:02 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 second straight day, gaining Rs 185 to Rs 29,285 per ten grams at the bullion market today. Silver also recovered by Rs 150 to Rs 37,250 per kg due to increased offtake by industrial units and coin-makers.

Traders said a firming trend overseas where gold advanced for a third day, heading for the biggest monthly advance in four years, as investors weighed economic data from the US that added to the case for interest rates remaining lower for longer, mainly kept the precious metals higher.

Globally, gold rose 0.9 per cent to USD 1,239.31 an ounce in Singapore. Besides, increased buying by jewellers as well as retailers at the domestic spot markets to meet the wedding season demand, fuelled the uptrend in prices, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shot up by Rs 185 each to Rs 29,285 and Rs 29,135 per ten grams, respectively. It had gained Rs 190 yesterday. Sovereign followed suit and edged higher by Rs 100 to Rs 23,000 per piece of eight grams.

Tracking gold, silver ready also rebounded by Rs 150 to Rs 37,250 per kg and weekly-based delivery by Rs 180 to Rs 37,245 per kg. Silver coins too spurted by Rs 1,000 to Rs 55,000 for buying and Rs 56,000 for selling of 100 pieces.