Gold climbs on global cues; silver tops Rs 46,000 mark

Friday, Jul 22, 2016,15:17 IST By Metrovaartha A A A

New Delhi | Gold prices surged by Rs 120 to Rs 30,770 per 10 grams at the bullion market today, tracking a firm trend overseas amid fresh buying by jewellers at domestic spot market. Silver also reclaimed the crucial Rs 46,000 mark by recovering Rs 500 to Rs 46,200 per kg on increased offtake by industrial units and coin makers.

Traders said a firm trend overseas where it rebounded from a three-week low after the European Central Bank said it will consider adding stimulus as needed, boosting demand for the precious metal, mainly led to rise in gold prices. Moreover, pick-up in buying by jewellers at the domestic markets to meet retailers’ demand also influenced sentiment, they said.

Globally, gold rose 1.17 per cent to USD 1,330.70 an ounce and silver by 1.88 per cent to USD 19.74 an ounce in New York in yesterday’s trade. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 120 each to Rs 30,770 and Rs 30,620 per ten grams, respectively. Sovereign, however, held steady at Rs 23,400 per piece of eight grams in scattered deals.

In line with gold, silver ready rebounded by Rs 500 to Rs 46,200 per kg and weekly-based delivery by Rs 715 to Rs 46,460 per kg. Silver coins, however, remained flat at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.