Gold tops Rs 32,000-mark on fresh buying by jewellers, global cues; silver recovers by Rs 200 to Rs 38,000
Gold prices surged on Thursday after falling for three straight days, largely on fresh buying by jewellers at the domestic spot market.
New Delhi: Gold went past the Rs 32,000-mark by gaining Rs 90 to trade at Rs 32,040 per 10 gram at the bullion market on Thursday on fresh buying by local jewellers amid a firm trend overseas.
Silver too firmed up by Rs 200 to Rs 38,000 per kg on the back of increased offtake by industrial units.
Gold prices surged on Thursday after falling for three straight days, largely on fresh buying by jewellers at the domestic spot market, coupled with a better trend globally.
Globally, gold rose 0.11 percent to $1,228 an ounce, while silver traded higher at $14.59 an ounce in Singapore as weakness in the dollar raised demand for the precious metal as a safe haven.
In the national capital, gold of 99.9 percent and 99.5 percent purity rebounded by Rs 90 each to Rs 32,040 and Rs 31,890 per 10 gram, respectively. It had lost Rs 200 in the previous three days.
Sovereign gold, however, held steady at Rs 24,800 per piece of 8 gram on little doing.
In line with gold, silver ready recovered by Rs 200 to Rs 38,000 per kg, while weekly-based delivery by Rs 302 to Rs 36,888 per kg.
Silver coins were unaltered at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
Analysts say that silver has been able to outshine gold because of its dual nature as it is an industrial raw material as well as a precious metal
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Commodity experts have said that this dip in the gold prices is a good opportunity for buyers to purchase the precious yellow metal
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In Mumbai, 10 grams of 22-carat gold can be purchased in the city for Rs 44,910 and the same quantity of 24-carat gold can be bought for Rs 45,910