ALSO READGold halts 3-day rise, sheds Rs 50 to Rs 30,550 per 10 grams on weak demand Gold softens by Rs 25 on muted demand; silver remains steady Gold prices regain sheen on global cues, silver tops Rs 40,000 level Gold falls by Rs 190 over global cues, weak demand as 'shradh' kicks off Gold plunges Rs 250 on global cues, low demand
Gold rose by Rs 200 to trade at an almost three-month high of Rs 30,950 per 10 gram at the bullion market on Tuesday, helped by a firm global trend and pick- up in wedding season buying by local jewellers and retailers.
Silver also rallied by Rs 300 to trade above the Rs 40,000 per kg level on increased offtake by industrial units and coin makers.
Bullion traders said the sentiment got a boost owing to a firming trend overseas where gold rose to the highest since September, as the dollar slumped to three-year lows against a basket of currencies, raising the appeal of the precious metals as a safe haven.
Besides, a pick-up in buying by local jewellers to meet wedding season demand at domestic spot market also supported the uptick, they said.
Sovereign too gained Rs 50 to trade at Rs 24,750 per piece of eight gram.
Silver ready prices also went up by Rs 300 to Rs 40,200 per kg and weekly-based delivery by Rs 460 to Rs 39,580 per kg.
Silver coins, however, remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.