Gold perks up on global cues, jewellers’ buying

Tuesday, Jul 26, 2016,15:23 IST By Metrovaartha A A A

New Delhi | Snapping its two-day losing streak, gold prices rebounded by Rs 110 to Rs 30,790 per ten grams at the bullion market today, tracking a firm trend overseas along with fresh buying by jewellers at the domestic spot market. Silver also rose by Rs 320 to Rs 46,200 per kg on increased offtake by industrial units and coin makers.

Traders said a firm trend overseas where gold climbed as investors scaled back expectations for extra stimulus from Japans government, boosting the yen and hurting the dollar ahead of decisions on monetary policy from both the Bank of Japan and Federal Reserve in the coming days, influenced sentiment here. Globally, gold traded 0.2 per cent higher at USD 1,318.60 an ounce in Singapore.

Besides, fresh buying by jewellers to meet retailers’ demand supported the upside in the precious metals, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 110 each to Rs 30,790 and Rs 30,640 per 10 grams, respectively. The metal had lost Rs 90 in the previous two sessions.

Sovereign also spurted by Rs 400 to Rs 23,800 per piece of eight grams on paucity of stocks. In line with gold, silver ready rose by Rs 320 to Rs 46,200 per kg, while weekly-based delivery by Rs 540 to Rs 46,445 per kg. Silver coins too traded higher by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.