Gold price gains ₹45 on jewellers’ buying, global cues

Mumbai-India (Oct 20)  Rising for the second straight session, gold prices spurted by ₹45 to ₹32,270 per 10 grams at the bullion market on Saturday on increased buying by local jewellers and positive cues from overseas markets.

Silver too climbed by ₹100 to ₹39,600 per kg due to pick up in demand from coin makers ahead of Diwali festival.

Marketmen said apart from a firm trend overseas, persistent buying by local jewellers to meet festive season demand boosted gold prices at the domestic spot markets.

Globally, gold rose 0.10% to USD 1,227.50 an ounce and silver gained 0.41% to USD 14.70 an ounce in New York on Friday.

Bullion market remained closed on Friday on the occasion of ‘Dussehra’.

In the national capital, gold of 99.9% and 99.5% purity advanced by ₹45 each to ₹32,270 and ₹32,120 per 10 grams, respectively. The yellow metal had gained ₹195 on Thursday.

Sovereign, however, remained unaltered at ₹24,700 per piece of eight grams.

Slver ready traded higher by ₹100 to ₹39,600 per kg but weekly-based delivery eased by ₹45 to ₹38,795 per kg.

Silver coins, however, held steady at ₹75,000 for buying and ₹76,000 for selling of 100 pieces.

TheHindu