Gold maintained its upward trend for the fourth day today, climbing Rs 190 to Rs 31,850 per 10 grams, largely in line with a firm trend overseas amid sustained buying by local jewellers.
However, silver slipped by Rs 150 to Rs 39,550 per kg due to reduced offtake by industrial units and coin makers.
Traders said sentiment remained strong following positive trend overseas on the back of a weaker dollar, while investors awaited US Federal Reserve Chair Jerome Powell’s first congressional testimony for clues on the future pace of monetary tightening.
Moreover, increased buying by local jewellers at domestic spot market, supported the uptrend in gold.
Globally, gold edged up by 0.03 per cent to $1,333.30 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 190 each to Rs 31,850 and Rs 31,700 per 10 grams, respectively. It had gained Rs 310 in the previous three sessions. Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams.
On the other hand, silver ready drifted lower by Rs 150 to Rs 39,550 per kg and weekly-based delivery by Rs 55 to Rs 38,550 per kg. Silver coins, however, continued to trade at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.