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Gold prices rebound on jewellers’ demand, global cues

LiveMint logoLiveMint 04-08-2017 PTI

Mumbai: After 3 days of losses, gold prices recovered at the bullion market on Friday on sustained offtake from investors and jewellery stockists driven by surging global cues.

Silver too regained on increased offtake by industrial units and coin makers.

Standard gold (99.5 purity) advanced by Rs140 to conclude at Rs 28,540 per 10 grams from Thursday’s closing level of Rs 28,400.

Pure gold (99.9 purity) also added a similar margin to end at Rs28,690 per 10 grams compared to Rs28,550 previously. Silver (.999 fineness) rose by Rs425 per kg to finish at Rs37,950 from Rs37,525 earlier.

Globally, Gold steadied near a seven-week high as the dollar traded at near 15-month lows in the wake of weak US data and political turmoil in Washington, though traders were mostly biding their time ahead of key US jobs data due later.

The spot gold price was up 0.1% at $ 1,268.85 an ounce at early trade. Silver rose 0.7% to $ 16.73 per ounce, after falling to a one-week low in the previous session.

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