Gold & Silver

Gold edges up to Rs 31,585 on spot demand, global cues

PTI New Delhi | Updated on June 22, 2018 Published on June 22, 2018

Globally, gold rose 0.09 per cent to $1,268 an ounce in Singapore.   -  Bloomberg

Silver slumps by Rs 250 per kg

Gold prices edged higher by Rs 15 to Rs 31,585 per 10 grams at the bullion market today, snapping its two-day slide, following a firm trend overseas coupled with pick-up in buying by local jewellers.

On the other hand, silver ready slumped by Rs 250 to Rs 40,750 per kg due to reduced offtake by industrial units and coin makers.

Traders attributed the recovery in gold prices to a firm trend overseas, where the precious metals traded higher after hitting a six-month trough in the previous session, as the dollar pulled back from a 11-month peak on profit-booking.

They said that increased buying by local jewellers at the domestic spot market also supported the uptrend.

Globally, gold rose 0.09 per cent to $1,268 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity inched up by Rs 15 each to Rs 31,585 and Rs 31,435 per 10 grams, respectively. It had lost Rs 330 in the last two days. Sovereign gold, however, remained flat at Rs 24,800 per piece of eight grams.

On the other hand, silver ready fell by Rs 250 to Rs 40,750 per kg, while weekly-based delivery traded higher by Rs 105 to Rs 39,595 per kg on speculative buying. Silver coins, however, remained flat at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

Published on June 22, 2018
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