ALSO READGold prices fall by Rs 150 to Rs 30,700 on muted demand, global cues Gold prices dip below Rs 30,000 on weak global cues Gold plunges Rs 500 on global cues, muted demand Gold inches higher, silver crosses Rs 39,000 mark on global cues Gold falls by Rs 190 over global cues, weak demand as 'shradh' kicks off
Gold prices recovered by Rs 350 to Rs 30,850 per 10 grams at the bullion market on Friday, taking positive cues from the global market amid rupee falling to five-month low and increased buying by local jewellers.
Silver 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 rupee 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.
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.
Silver 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.)