Gold maintains uptrend on jewellers’ buying, global cues
New Delhi, May 11 : Rising for the sixth straight day, gold prices spurted Rs 100 to a two-week high of Rs 32,400 per 10 grams at the bullion market today on persistent buying by local jewellers amid a firm trend overseas.
Silver too recaptured the Rs 41,000-mark by surging Rs 330 to Rs 41,100 per kg backed by increased offtake by industrial units and coin makers.
Traders said continued buying by local jewellers in the ongoing wedding season and a firm trend overseas mainly kept the precious metal’s prices elevated.
Globally, gold rose 0.01 per cent to USD 1,321.30 an ounce as dollar eased against a basket of currencies after weaker-than-expected US inflation data. Silver also moved up by 0.03 per cent to USD 16.69 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 100 each to Rs 32,400 and Rs 32,250 per 10 grams, respectively, a level last seen on April 25. The yellow metal had gained Rs 320 in the previous five sessions.
Sovereign, however, held steady at Rs 24,800 per piece of eight grams.
In step with gold, silver ready shot up by Rs 330 to Rs 41,100 per kg and weekly-based delivery rose by a similar margin to Rs 40,400 per kg.
Silver coins, however, ruled flat at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.