Gold rises on jeweller-buying; silver reclaims Rs 38K

Gold prices advanced by Rs 155 per 10 gram in the bullion market on Monday on continued buying by traders and stockists, shrugging off a weak trend overseas.

Silver prices also strengthened by Rs 270 to close at Rs 38,175 per kg, backed by increased offtake by industrial units.

Standard gold (99.5 per cent purity) rose by Rs 155 to close at Rs 29,990 per 10 gram from last Friday’s closing level of Rs 29,835.

Pure gold (99.9 per cent purity) also moved up by a similar margin to conclude at Rs 30,140 per 10 gram from Rs 29,985.

Silver (.999 fineness) shot up by Rs 270 to end at Rs 38,175 per kg as against Rs 37,905.

Globally, gold prices slipped towards one-year lows as the dollar strengthened again, making bullion more expensive for buyers using other currencies.

Spot gold was down 0.1 per cent at USD 1,230.24 an ounce at early trade.

Silver was up 0.1 per cent at USD 15.49 an ounce, though it remains near its lowest since July, 2017.