Gold prices rise as jewellers shrug off weak global trend
Gold prices bounced back by ₹175 at ₹31,625 per 10 gram at the bullion market Wednesday on buying by local jewellers, shrugging-off a weak trend overseas.
However, silver slipped by ₹40 to ₹37,910 per kg owing to reduced offtake by industrial units and coin makers.
Traders said increased buying by local jewellers led to the recovery in gold prices, but a weak trend overseas with investors staying away from bullion on fears the US-China trade war could escalate, capped the gain.Globally, gold fell 0.21% to USD 1,195.60 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity surged by ₹175 each to ₹31,625 and ₹31,475 per 10 gram, respectively. The precious metal had lost ₹100 on Tuesday.
Sovereign gold, however, remained unaltered at ₹24,500 per piece of eight gram.
On the other hand, silver ready declined by ₹40 to ₹37,910 per kg, while weekly-based delivery held steady at ₹37,405 per kg.
Silver coins too remained unchanged at the previous level of ₹72,000 for buying and ₹73,000 for selling of 100 pieces.
PostedOn: 12 Sep 2018
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