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Gold Regains Rs 31K Level On Global Cues
India gold rose tracking positive global trend which rose after US employment data missed estimates, indicating there will be no rate hike anytime soon in the US.
"Riding on firm global trends and increased buying by jewellers at domestic spot market, gold prices advanced by Rs 30 to trade at Rs 31,000 per ten grams, while silver prices soared Rs 800 to Rs 45,900 per kg at the bullion market on Saturday", reports PTI.
Pick-up in buying by jewellers at domestic spot market to meet retailers' demand boosted the gold sentiment.
Yesterday, international spot gold rose to USD 1,327 an ounce. Gold rates are sensitive to US interest rate hike as they are inversely related. Any news on hike in interest rate will dampen gold sentiments.
Goodreturns.in
Story first published: Saturday, September 3, 2016, 16:42 [IST]
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