Gold Crosses Rs 32,000 Level on Global Cues and Increased Local Buying

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    Gold recaptured the Rs 32,000-level by gaining Rs 100 to trade at Rs 32,050 per 10 gram at the bullion market on Saturday, extending its rising streak to the fourth straight day on persistent buying by local jewellers amid firm trend overseas, reported PTI.

    Gold Crosses Rs 32,000 Level on Global Cues and Increased Local Buying

    Silver also strengthened by Rs 100 to Rs 41,100 per kg, backed by increased off take by industrial units and coin makers. Traders said increased buying by local jewellers to meet retailers' demand at domestic spot market and a firm trend overseas kept gold prices higher. Globally, gold rose by 0.17 percent to USD 1,299 an ounce and silver by 0.60 percent to USD 16.77 an ounce in New York on Friday.

    Gold prices across cities in India were on higher than the previous close. International gold prices gained momentum ahead of G-7 meets this weekend. Uncertainties around the talks in the event drew investor demand for the metal. Meanwhile, the hopes of an announcement of the increase in interest by the US Federal Reserve next week is also weighing on gold.

    Stock markets in India and abroad ended lower on Friday on the risk sentiment that weighed from expectations of trade talks in the G-7 summit that include seven rich countries-Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The meeting this time around will be tense as Trump's "America First" policy has been threatening trade relations with its counterparts.

    Meanwhile, US president Donald Trump's meet with the North Korean leader Kim Jong Un will take place next week.

    Read more about: gold
    Story first published: Saturday, June 9, 2018, 15:51 [IST]
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