Gold glitters on strong global cues, jewellers’ buying

New Delhi, February 23

Gold prices increased by Rs 90 to Rs 34,590 per 10 gram at the bullion market on Saturday, tracking a firm trend overseas amid increased buying by local jewellers, according to the All India Sarafa Association.

Silver, too, advanced by Rs 140 to Rs 41,500 per kg on increased off-take by industrial units and coin makers.

On Friday, gold by Rs 330, and silver also followed suit and weakened by Rs 300.

Bullion traders attributed the recovery in gold prices to a firm trend overseas and sustained buying by local jewellers and retailers to meet ongoing wedding season demand.

Globally, gold ended the week at USD 1,328.90 an ounce and silver at USD 16 an ounce in New York.

Gold futures, too, traded higher at USD 1,330.65, while silver futures at USD 15.88 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities surged by Rs 90 each to Rs 34,590 and Rs 34,440 per ten grams, respectively.

Sovereign, however, remained unaltered at Rs 26,600 per piece of eight grams.

Following gold, silver ready also bounced Rs 140 to Rs 41,500 per kg and weekly-based delivery rose by Rs 110 to Rs 40,268 per kg.

Silver coins, too, traded higher by Rs 1,000 at Rs 83,000 for buying and Rs 84,000 for selling of 100 pieces. PTI