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Gold prices bounced back by Rs 200 to Rs 32,250 per 10 grams at the bullion market on the back of positive global trend and fresh buying by local jewellers. Silver followed suit and recovered by Rs 350 to Rs 39,750 per kg due to increased offtake from industrial units and coin makers.
Traders attributed the rise in gold prices to a firm trend overseas as Asian stocks eased due to concerns over a potential decline in China’s economic growth amid an ongoing trade war and signs of tighter monetary policy by the US Federal Reserve. Besides, increased buying by local jewellers at the domestic spot market to meet the festive season demand also fuelled the uptrend.
Globally, gold rose 0.53 per cent to $1,225 an ounce and silver by 0.48 per cent to $14.75 an ounce in Singapore on Monday.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 200 each to Rs 32,250 and Rs 32,100 per 10 grams, respectively. It had shed Rs 70 on Saturday. Sovereign too showed some strength and traded Rs 100 higher at Rs 24,700 per piece of eight grams.
Silver ready also moved up by Rs 350 to Rs 39,750 per kg and weekly-based delivery by Rs 345 to Rs 39,260 per kg. Silver coins, however, continued to be traded at previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
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