Gold prices bounce back on jewellers’ buying

Marketmen said scattered buying by local jewellers to meet ongoing wedding season demand at domestic spot market, mainly helped gold prices to recover but a weak trend overseas capped the rise.

Globally, gold fell 0.06 per cent to USD 1,274.80 an ounce in Singapore. (File/Photo)

Gold prices recovered by Rs 50 to Rs 30,250 per 10 grams at the bullion market on Tuesday on mild buying by local jewellers, shrugging off a weak trend overseas. Silver, however, held steady at Rs 39,000 per kg in limited deals from industrial units. Marketmen said scattered buying by local jewellers to meet ongoing wedding season demand at domestic spot market, mainly helped gold prices to recover but a weak trend overseas capped the rise.

Globally, gold fell 0.06 per cent to USD 1,274.80 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced back by Rs 50 each to Rs 30,250 and Rs 30,100 per 10 grams, respectively. It had lost Rs 300 in Monday’s trade.

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Sovereign, however, remained flat at Rs 24,600 per piece of eight grams.

On the other hand, silver ready ended steady at Rs 39,000 per kg, while weekly-based delivery declined by Rs 60 to Rs 37,510 per kg.

Silver coins, however, remained flat at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.