Gold glitters on positive global cues, jewellers’ buying

Breaking its three-day losing streak, gold bounced back by Rs 250 to Rs 31,550 per 10 gram at the bullion market Saturday in sync with a firm trend overseas amid fresh buying by local jewellers.

Silver followed suit and touched the Rs 39,000-mark by spurting Rs 1,100 to Rs 39,100 per kg backed by increased offtake by industrial units and coin makers.

Traders said sentiment bolstered largely in tandem with a firm trend overseas and pick-up in buying by local jewellers at domestic spot market.

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Globally, gold rose by 0.83 per cent to $1,192.20 an ounce and silver by 2.85 per cent to $14.64 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed Rs 250 each to Rs 31,550 and Rs 31,400 per 10 gram, respectively.

The metal had lost Rs 425 in the previous three days. Sovereign, however, remained flat at Rs 24,500 per piece of 8 gram.

In line with gold, silver ready jumped by Rs 1,100 to Rs 39,100 per kg and weekly-based delivery by Rs 715 to Rs 38,575 per kg.

Silver coins, too, flared up by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.