Gold shines for 4th day on global cues

TIL Desk/Business/New Delhi-Gold rose for a fourth straight session with prices rising by Rs 150 to Rs 29,500 per ten grams at the bullion market on positive cues from overseas markets amid sustained buying by jewellers. Silver followed suit and recaptured the crucial Rs 41,000- mark per kg by gaining Rs 215 to Rs 41,065 per kg due to increased offtake by industrial units and coin makers.

Traders said apart from a firming global trend on speculation that US interest rates will stay lower for longer, increase in buying by jewellers at domestic spot market mainly attributed the rise in precious metal prices. Globally, gold rose by 0.30 per cent to USD 1,273.30 an ounce and silver by 0.29 per cent to $ 17.28 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 150 each to Rs 29,500 and Rs 29,350 per ten grams respectively. It had gained Rs 320 in the previous three sessions. Sovereign, however, held steady at Rs 23,000 per piece of eight grams. In a similar fashion, silver ready rose further by Rs 215 to Rs 41,065 per kg and weekly-based delivery by Rs 235 to Rs 41,050 per kg. Silver coins, however, held steady at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.