ALSO READGold softens by Rs 25 on muted demand; silver remains steady Gold sheds Rs 250 to Rs 31,200 over slowdown in buying by local jewellers Gold glitters on global cues, wedding season buying by jewellers, retailers Gold prices regain sheen on global cues, silver tops Rs 40,000 level Gold tumbles Rs 200 on muted demand, global cues; silver dips by Rs 500
Gold gained Rs 120 at Rs 31,240 per 10 grams at the bullion market today, snapping a two-day losing streak on fresh buying by local jewellers to meet the ongoing wedding season demand. Silver however remained under selling pressure and eased further by Rs 400 to Rs 40,050 per kg. Traders said pick up in buying by local jewellers to meet wedding season demand at domestic spot market, mainly led to the recovery in gold prices but a weak trend overseas capped the gains. In Singapore, gold fell 0.34 per cent to USD 1,335.40 an ounce and silver by 0.35 per cent to USD 17.06 an ounce. In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced back by Rs 120 each to Rs 31,240 and Rs 31,090 per 10 grams, respectively.
It had lost Rs 330 in the previous two sessions. Sovereign, however, continued to be traded at the previous level of Rs 24,800 per piece of eight grams. On the other hand, silver ready dropped further by Rs 400 to Rs 40,050 per kg and weekly-based delivery by Rs 805 to Rs 39,075 per kg. Silver coins, however, remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.