Markets

Gold up by Rs. 30 on seasonal demand; Silver falls

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Extending gains for the third straight day, gold prices on Monday moved up by another Rs. 30 to Rs. 27,380 per ten grams at the bullion market in the national capital on continued buying by jewellers and retailers, triggered by ongoing marriage season demand.

However, silver declined by Rs. 85 to Rs. 38,200 per kg on lack of buying support from industrial units and coin makers.

Traders said sustained buying by jewellers and retailers to meet rising marriage season demand mainly kept gold prices higher but a weak global trend ahead of the Federal Reserve meet to assess a pledge to keep borrowing costs low capped the rise.

Globally, gold in Singapore, which normally sets price trend on the domestic front, dropped by 0.7 per cent to $1,213.52 an ounce and silver by 0.4 per cent to $16.96 an ounce.

In addition, the depreciating rupee which made the import of precious metals costlier also influenced the sentiment to some extent, they added.

In Delhi, gold of 99.9 and 99.5 per cent purity advanced Rs. 30 each to Rs. 27,380 and Rs. 27,180 per ten gram respectively. The yellow metal had gained Rs. 50 in the previous two sessions.

Sovereign, however, held steady at Rs. 23,800 per piece of eight gram in limited deals.

On the other hand, silver ready eased by Rs. 85 to Rs. 38,200 per kg and weekly-based delivery by Rs. 205 to Rs. 38,500 per kg.

Meanwhile, silver coins traded at last level of Rs. 64,000 for buying and Rs. 65,000 for selling of 100 pieces.

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Printable version | Jan 28, 2020 3:34:33 PM | https://www.thehindu.com/business/markets/gold-up-by-rs-30-on-seasonal-demand-silver-falls/article6693910.ece

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