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Rising for the second straight day, gold prices edged higher by Rs10 to Rs31,870 per 10 grams at the bullion market today on persistent buying by local jewellers amid a firm trend overseas.

Silver prices reclaimed the Rs41,000-mark by surging Rs250 per kg backed by increased offtake by industrial units and coin makers.

Traders said apart from a firm trend overseas where gold prices edged higher today, supported by a weaker dollar amid ongoing concerns about a trade war between the US and its allies, and sustained buying by local jewellers at domestic spot market, kept the precious metal’s prices higher.

Globally, gold rose 0.16% to $1,298 an ounce and silver 0.21% to $16.68 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity added Rs10 each to Rs31,870 and Rs31,720 per 10 grams, respectively. The yellow metal had gained Rs260 in Wednesday’s trade. Sovereign gold, however, remained flat at Rs24,800 per piece of eight grams in scattered deals.

In step with gold, silver ready shot up by Rs250 to Rs41,000 per kg and weekly-based delivery by Rs235 to Rs40,085 per kg. Silver coins, however, continued to be traded at previous level of Rs76,000 for buying and Rs77,000 for selling of 100 pieces.

Last modified on Thursday, 07 June 2018

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