Gold Crosses Rs 32,000 Mark

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Gold prices today reclaimed the Rs 32,000-level after a Rs 100 rise to Rs 32,080 per 10 grams. The rates were strengthed from scattered buying by local jewellers amid a firm trend overseas.

Gold Crosses Rs 32,000 Mark

Data released by World Gold Council this week revealed that there was a 12 percent drop in demand for gold jewellery in India for the January-March 2018 quarter.

Also Read: India's Demand For Gold Shrinks By 12 % For Q1

Meanwhile, silver was up by Rs 200 to Rs 40,500 per kg strengthened by increased offtake of industrial units and coin makers.

Though gold rates were down for three straight days, it mainly picked up because of fresh buying by local jewellers at the domestic spot market, coupled with a better global trend.

Internationally, gold rose 0.26 percent to $1,315 an ounce and silver by 0.64 percent to $16.50 an ounce in New York yesterday as the dollar backed off its day's highs, raising demand for the precious metals.

In Delhi, gold of 99.9 percent and 99.5 percent purity rebounded by Rs 100 each to Rs 32,080 and Rs 31,930 per ten grams, respectively. In the previous three days, it had lost Rs 220.Sovereign gold, however, held steady at Rs 24,700 per piece of eight grams. Silver's weekly-based delivery was up by Rs 30 to Rs 39,095 per kg. Silver coins too spurted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

Inputs from PTI

Read more about: gold gold price
Story first published: Saturday, May 5, 2018, 15:38 [IST]
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