Gold retains glitter, prices surge by this much in Delhi today; here’s what analysts say

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Published: May 28, 2019 5:36:09 PM

The gold prices surged in Delhi on Tuesday on account of pick-up in buying support from local jewellers. The yellow metal rates rose by Rs 100 to Rs 32,870 per 10 gram in the national capital.

Gold prices surge by Rs 100 per 10 gram in Delhi

The gold prices surged in Delhi on Tuesday on account of pick-up in buying support from local jewellers. The yellow metal rates rose by Rs 100 to Rs 32,870 per 10 gram in the national capital, according to All Indian Sarafa Association. The spot gold prices are expected to remain higher in the coming days amid falling global crude price, the analysts tracking the market said. “The bias for 2-3 days does look positive with spot gold likely to head higher towards $1300. Silver too could head higher till $14.75. This could keep domestic prices supported as well,” Amit Sajeja, Associate Vice President, Motilal Oswal told Financial Express Online. However, globally, spot gold was trading lower at $1,284.50 an ounce, while silver was down at $14.57 an ounce in New York.

“The yellow metal is trading in a tight range in the absence of any fresh cues in the market. The greenback is pretty steady, no significant investment demand has emerged and due to holidays in the US & UK yesterday, thin volumes were seen in the market. $1295-$1270 is a rang,” Jigar Trivedi, Fundamental Analyst- Commodities at Anand Rathi Shares and Stock Brokers told Financial Express Online.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 100 each to Rs 32,870 and Rs 32,700 per 10 gram, respectively. Sovereign gold prices were steady at Rs 26,500 per eight gram. On Monday, gold prices had plunged by Rs 40 to Rs 32,770 per 10 gram. Silver ready Tuesday advanced by Rs 50 at Rs 37,550 per kg, while weekly-based delivery declined Rs 72 to Rs 36,426 per kg. On the other hand, silver coins prices were flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

Currently, the rupee is trading at Rs 69.67 per US dollar, up 0.19 per cent from the previous close. Both, the headline indices — Sensex and Nifty ended higher on Tuesday. While the Sensex settled up at 39,749.73 level, 66.44 points higher from the previous close, Nifty also closed higher by 4 points at a level of 11,928.75  from the last settlement.

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