Gold advances for 4th day, mirrors global trend
Tracking a firm global trend and continued buying by local jewellers, gold maintained its upward trend for the fourth day…
Gold prices recovered by Rs.40 to Rs.31,040 per ten grams at the bullion market on Friday on scattered buying by jewellers at domestic spot market even as the metal weakened overseas.
Silver, however, cracked below the Rs.45,000-mark by falling Rs.125 to trade at Rs.44,975 per kg on reduced offtake by industrial units and coin makers.
Traders said mild buying by jewellers at domestic spot market led to the rise in gold prices but a weak trend overseas capped the gain.
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Globally, gold fell by 0.31 per cent to $1,310 an ounce and silver by 1.06 per cent to $18.76 an ounce in New York in yesterday’s trade.
In the national capital, gold of 99.9 and 99.5 per cent purity moved up by Rs.40 each to Rs.31,040 and Rs.30,890 per ten grams, respectively. It had lost 70 on Friday.
Sovereign remained flat at Rs.24,400 per piece of eight grams.
On the other hand, silver ready remained under selling pressure and fell further by Rs.125 to Rs.44,975 per kg and weekly-based delivery by Rs.310 to Rs.45,270 per kg.
Silver coins, however, remained unaltered at Rs.75,000 for buying and Rs.76,000 for selling of 100 pieces.
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