Gold rises on firm global cues, silver tops 41k

Team Udayavani, Apr 19, 2018, 3:05 PM IST

New Delhi: Rising for the third straight day, gold prices surged by another 250 to 32,630 per ten gram at the bullion market on Thursday largely in tandem with a firm trend overseas amid persistent buying by local jewellers.

Silver followed suit and reclaimed the 41,000-mark by soaring 1,030 to 41,480 per kg due to increased offtake by industrial units and coin makers.

Marketmen said apart from a firm trend overseas, brisk buying by local jewellers to meet wedding season demand in the domestic spot market kept gold prices higher.

Globally, gold rose 0.23% to USD 1,352.30 an ounce and silver by 0.35% to USD 17.23 an ounce in Singapore.

Besides, a depreciated rupee against the dollar made imports of the metal costlier, thus fuelling the uptrend, experts said.

In the national capital, gold of 99.9% and 99.5% purity advanced by 250 each to 32,630 and 32,480 per ten gram, respectively. The precious metal had gained 380 in the previous two sessions.

Sovereign, however, held steady at 24,900 per piece of eight grams.

In line with gold, silver ready spurted by 1,030 to 41,480 per kg and weekly-based delivery by 960 to 40,450 per kg.

Silver coins too flared up by 1,000 to 76,000 for buying and 77,000 for selling of 100 pieces.