Gold inches up, silver makes hefty gains

NEW DELHI
3 Jan 2017

Gold prices edged higher by INR 50 to INR 28,350 per 10 grams on Tuesday, tracking a firm trend overseas amid scattered buying by local jewellers.

Silver also recovered by INR 300 to INR 39,600 per kg due to increased offtake by industrial units and coin makers. Apart from a firm global trend, traders said, mild buying by local jewellers at the domestic spot market mainly brought about the upmove.

Globally, gold rose 0.50 per cent to USD 1,156.70 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity were up by INR 50 each to INR 28,350 and INR 28,200 per 10 grams, respectively. Sovereign, however, remained flat at INR 24,000 per piece of eight grams in limited deals.

Following gold, silver ready rebounded by INR 300 to INR 39,600 per kg and weekly-based delivery by INR 345 to INR 39,540 per kg. On the other hand, silver coins were unaltered at INR 70,000 for buying and INR 71,000 for selling of 100 pieces. (PTI)