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Gold prices rise Rs215 on risk-off sentiment

LiveMint logoLiveMint 19-05-2017 PTI

New Delhi: Gold’s allure went up by many notches on Friday as the US political turmoil saw the bullion soar Rs215 to Rs29,200 per 10 grams on Friday, mirroring a firm overseas trend amid frenzied buying by local jewellers.

This is the third straight day of gains by the yellow metal, which reclaimed the Rs29,000 level. Risk aversion was in full display as investoRslooked for safer assets in view of the deepening crisis in the US, a fallout of President Donald Trump’s firing of the former FBI director.

Silver staged a comeback to recapture the Rs39,000 mark by surging Rs350 to Rs39,150 per kg, backed industrial demand and coin manufacturers. Other than a weak dollar, traders said, continued buying by local jewelleRsboosted gold prices.

Globally, gold rose by 0.31% to $1,250.70 an ounce and silver 0.85% to $16.69 an ounce in Singapore.

In the national capital, gold of 99.9% and 99.5% purity hardened by Rs215 each to Rs29,200 and Rs29,050 per 10 grams, respectively.

The precious metal had gained Rs385 over the last two days. Sovereign, however, remained flat at Rs24,400 per piece of eight grams. Silver ready too rebounded by Rs350 to Rs39,150 per kg and weekly-based delivery by Rs135 to Rs39,000.

Silver coins, however, held steady at Rs71,000 for buying and Rs72,000 for selling of 100 pieces.

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