Rising for the second straight day, gold prices gained Rs 50 to Rs 29,150 per 10 grams at the bullion market today on firm trend overseas and sustained buying by local jewellers. Silver also recovered by Rs 350 to Rs 39,950 per kg, backed by increased offtake by industrial units and coin makers. Minutes from the Federal Reserve’s last meeting pointed to a June rate hike, which weakened the dollar and raised appeal for the precious metals, brokers said.
Globally, gold surged 0.63 per cent to end at USD 1,258.60 an ounce while silver rose 0.97 per cent to 17.22 an ounce in New York in yesterday’s trade. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose Rs 50 each to Rs 29,150 and Rs 29,000 per 10 grams, respectively. The metal had gained Rs 185 yesterday.
Sovereign, however, remained unaltered at Rs 24,400 per piece of eight grams. Following gold, silver ready rebounded by Rs 350 to Rs 39,950 per kg and weekly-based delivery gained Rs 435 to Rs 39,945 per kg. Silver coins, however, continued to be traded at the previous level of Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.