Gold climbs on positive global cues, jewellers buying

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Gold prices surged by ` 155 to ` 29,405 per 10 grams at the bullion market Monday, tracking a firming trend overseas amid fresh buying by jewellers.

However, silver remained under selling pressure and shed another ` 100 to ` 36,500 per kg.

Bullion traders said a firming global trend where gold is headed for the biggest monthly advance in four years as a darkening global outlook spurred demand for a safe-haven assets, mainly buoyed the sentiment here.

Globally, gold added 0.4% to $1,228.65 an ounce in Singapore. In addition, pick up in buying by jewellers as well as retailers to meet ongoing wedding season demand supported the upside in gold, they said.

Meanwhile, imposition of 1% excise duty on articles of jewellery excluding silver proposed in in Budget 2016-17. In the national capital, gold of 99.9% and 99.5% purity recovered by ` 155 each to ` 29,405 and ` 29,255 per ten grams, respectively. It had shed ` 40 in the previous session.

Sovereign, however, held steady at ` 23,000 per piece of eight grams. On the other hand, silver ready fell further by ` 100 to `36,500 per kg and weekly-based delivery by ` 180 to ` 36,070 per kg.

Silver coins, however, spurted by ` 1,000 to ` 55,000 for buying and ` 56,000 for selling of 100 pieces.

Source: http://www.business-standard.com/

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