Gold prices rebound on jewellers’ buying

Gold prices bounce back by Rs210 to Rs31,390 per 10 grams on fresh buying by local jewellers, shrugging off a weak trend overseas


New Delhi: Gold prices bounced back by Rs210 to Rs31,390 per 10 grams at the bullion market on Tuesday on fresh buying by local jewellers, shrugging off a weak trend overseas. Silver prices recaptured the Rs39,000-mark by gaining Rs200 to Rs39,150 per kg on increased offtake by industrial units and coin makers.

Traders attributed the recovery in gold prices to pick-up in buying by local jewellers to meet the ongoing auspicious ‘Navratras’ demand at the domestic spot market but a weak trend overseas, capped the rise.

Globally, gold rate fell 0.22% to $1,313.70 an ounce and silver by 0.15% to $16.27 an ounce in Singapore as the dollar firmed, with focus shifting to the US Federal Reserve’s policy meeting that kicks off later in the day.

In the national capital, gold of 99.9% and 99.5% purity surged by Rs210 each to Rs31,390 and Rs31,240 per 10 grams, respectively. The precious metal had lost Rs110 on Monday. Sovereign, however, remained flat at Rs24,800 per piece of eight grams.

Following gold, silver ready rebounded by Rs200 to Rs39,150 per kg and weekly-based delivery by Rs225 to Rs38,450 per kg. Silver coins however, maintained a steady trend at Rs73,000 for buying and Rs74,000 for selling of 100 pieces.


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