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Gold edges up on global cues, jewellers' buying after two-day losing streak; silver strengthens

New Delhi: Reversing its two-day losing streak, gold recovered by Rs 10 to Rs 30,850 per 10 grams, driven by a firm trend overseas amid scattered buying by local jewellers. Silver also strengthened by Rs 155 to 39,480 per kg on increased offtake by industrial units and coin makers.

Sentiment turned better after gold prices inched higher in global markets as the greenback softened, while investors awaited US economic growth data due later this week, traders said.

Globally, gold rose 0.19 percent to $1,226.40 an ounce and silver by 0.29 percent to $15.48 an ounce in Singapore.

Scattered buying by local jewellers at the domestic spot market at prevailing levels also supported the recovery.

 Gold edges up on global cues, jewellers buying after two-day losing streak; silver strengthens

Representational image. Reuters

In the national capital, gold of 99.9 percent and 99.5 percent purity inched up by Rs 10 each to Rs 30,850 and Rs 30,700 per 10 grams, respectively. It had lost Rs 130 in the last two days.

Sovereign remained flat at Rs 24,700 per piece of eight grams in limited deals.

In line with overall trend, silver ready advanced by Rs 155 to Rs 39,480 per kg and weekly-based delivery by Rs 90 to Rs 38,480 per kg.

Silver coins, however, maintained a steady trend at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

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Updated Date: Jul 25, 2018 15:32:27 IST