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Gold prices rebound Rs200 on Navratri demand

LiveMint logoLiveMint 29-03-2017 PTI

New Delhi: Gold prices recovered by Rs200 to Rs29,550 per 10 grams at the bullion market on Wednesday on increased buying by local jewellers on account of ‘Navaratras’, even as the metal weakened overseas. Silver also advanced by Rs50 to Rs42,250 per kg on increased offtake by industrial units and coin makers.

Traders said sentiments got a leg up after local jewellers indulged in buying more quantities to meet ongoing auspicious Navratras demand, but a weak trend overseas as gains in US equities and the dollar dimmed some of the metal’s safe haven investment appeal, capped the gains.

Globally, gold fell 0.10% to $1,250 an ounce in Singapore.

ALSO READ | Global gold prices slip as dollar firms on US interest rate hike cues

In the national capital, gold of 99.9% and 99.5% purity were higher by Rs200 each to Rs29,550 and Rs29,400 per 10 grams, respectively. It had shed Rs80 on Tuesday.

Sovereign also went up by Rs100 to Rs24,500 per piece of eight grams.

In line with overall trend, silver ready rose further by Rs50 to Rs42,250 per kg and weekly-based delivery by Rs80 to Rs42,150 per kg.

On the other hand, silver coins continued to be traded at previous level of Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

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