Markets

Gold up by Rs. 115 on festive buying, global cues

Rising for the second day, gold prices climbed Rs. 115 to Rs. 27,300 per ten grams at the bullion market today as buying activity from jewellers as well as retailers picked up for the ongoing festive and wedding season amidst a firming global trend.

Silver also rose by Rs. 100 to Rs. 37,400 per kg on increased off-take by industrial units and coin makers.

Bullion merchants said gold rallied on the back of increased buying by jewellers for the ongoing festive and wedding season and a firming trend overseas where the precious metal soared to about five-month highs on speculation that the U.S. Federal Reserve will delay interest rate hike.

Globally, gold was up 0.14 per cent at $1,186 an ounce in Singapore. In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs. 115 each to Rs. 27,300 and Rs. 27,150 per ten grams respectively. It gained Rs. 385 on Wednesday. Sovereign, however, held steady at Rs. 22,500 per piece of eight grams.

Tracking gold, silver ready moved up by Rs. 100 to Rs. 37,400 per kg and weekly-based delivery by Rs. 70 to Rs. 37,550 per kg. Silver coins also spurted by Rs. 500 to Rs. 52,500 for buying and Rs. 53,500 for selling of 100 pieces.


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Printable version | Aug 8, 2022 10:35:51 pm | https://www.thehindu.com/business/markets/gold-up-by-rs-115-on-festive-buying-global-cues/article7765824.ece