Gold climbs Rs 200 on global cues

NEW DELHI
4 Jan 2017

Rising for the second straight day, gold prices firmed up by Rs 200 to Rs 28,550 per 10 grams on Wednesday, driven by a firm global trend and increased buying by local jewellers.

Silver also regained the Rs 40,000-mark by surging Rs 650 to Rs 40,250 per kg, backed by increased off-take by industrial units and coin makers.

Traders said that apart from a firm trend overseas, persistent buying by local jewellers at the domestic spot market supported the upside.

Globally, gold rose 0.38 per cent to USD 1,162.70 an ounce and silver by 0.83 per cent to USD 16.41 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shot up by Rs 200 each to Rs 28,550 and Rs 28,400 per 10 grams, respectively. The precious metal had gained Rs 50 on Tuesday.

Sovereign, however, remained flat at Rs 24,000 per piece of eight grams.

In a similar fashion, silver ready strengthened by Rs 650 to Rs 40,250 per kg and weekly-based delivery by Rs 680 to Rs 40,220 per kg.

Silver coins too spurted by Rs 1,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces. (PTI)