Gold rises on sustained buying by jewellers

Prime News, National, Business, New Delhi, April 9:- Gold prices advanced by Rs 30 to Rs 31,500 per 10 grams at the bullion market today on continued buying by local jewellers, shrugging-off a weak trend overseas.

Silver followed suit and strengthened by Rs 50 to Rs 39,250 per kg due to increased offtake by industrial units and coin makers.

Bullion traders said, steady inflow of buying by local jewellers at domestic spot market mainly kept gold prices higher but a weak trend overseas, capped the gains.

Globally, gold fell 0.34 per cent to USD 1,328.80 an ounce and silver by 0.03 per cent to USD 16.35 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity added Rs 30 each to Rs 31,500 and Rs 31,350 per 10 grams, respectively. The precious metals had gained Rs 120 in Saturday’s trade.

Sovereign, however, remained steady at Rs 24,800 per piece of eight grams.

Tracking gold, silver ready edged higher by Rs 50 to Rs 39,250 per kg and weekly-based delivery by Rs 90 to Rs 38,325 per kg.

Silver coins, however, remained flat at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.-(NGB, Inputs: Agencies)

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