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Gold prices rebound Rs 350 on global cues, weak rupee

In Delhi, gold of 99.9% and 99.5% purity rebounded by Rs 350 each to Rs 30,850 and Rs 30,700 per 10 grams, respectively

Press Trust of India  |  New Delhi 

Gold

recovered by Rs 350 to Rs 30,850 per 10 grams at the bullion on Friday, taking positive cues from the global amid falling to five-month low and increased buying by local jewellers.

too recovered by Rs 400 to Rs 40,700 per kg on increased offtake by industrial units and coin makers.

Bullion traders said a firm trend overseas, where gold rebounded from a four-week low on renewed geopolitical tensions after North Korea threatened to conduct another hydrogen bomb test prompted investors to seek out the safe-haven asset, influenced the precious metal.

The depreciated by 34 paise to hit a five-month low of Rs 65.15 (intra-day) against the dollar, making imports costlier and thereby stoking inflationary concerns. This has also fuelled a positive sentiment for gold, they added.

Globally, gold rose 0.57 per cent to $1,298 an ounce in today. too up 0.21 per cent to $16.97 an ounce.

Besides, pick up in buying by local jewellers at the domestic spot to meet ongoing auspicious "Navratra" festival demand at domestic spot too supported the uptrend.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 350 each to Rs 30,850 and Rs 30,700 per 10 grams, respectively. The metal had lost Rs 250 yesterday.

Sovereign, however, pegged unchanged at Rs 24,700 per piece of eight grams in limited deals.

ready bounced back by Rs 400 to Rs 40,700 per kg and weekly-based delivery by Rs 265 to Rs 39,930 per kg. Its coins, however, continued to be traded at previous levels of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, September 22 2017. 16:30 IST
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