Friday, August 19, 2016

Gold maintains upward trend on jewellers’ buying

Gold rallied by Rs 100 to Rs 31,250 per 10 grams at the bullion market today on continued buying by jewellers even as the precious metal weakened overseas.

However, silver fell by Rs 185 to Rs 46,465 per kg on reduced offtake by industrial units and coin makers.

Bullion traders said persistent buying by jewellers at domestic markets to meet festive season demand, mainly influenced gold prices.

Globally, gold fell 0.5 per cent to USD 1,345.80 an ounce in Singapore as the dollar rebounded and a Federal Reserve policy maker said the US economy is strong enough to warrant an increase in interest rates soon.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 100 each to Rs 31,250 and Rs 31,100 per 10 grams, respectively. It had gained Rs 100 in the previous three sessions. Market remained closed on Thursday for ’Raksha Bandhan’

Sovereign, however, remained steady at Rs 24,300 per piece of eight grams in limited deals.

On the other hand, silver ready fell by Rs 185 to Rs 46,465 per kg and weekly-based delivery by Rs 100 to Rs 46,160 per kg.

Meanwhile, silver coins held stable at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces. 08191429

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