Financials News

Gold sees sharp Rs 350 jump on demand build-up

Gold sees sharp Rs 350 jump on demand build-up

New Delhi: Gold made a powerful statement on Monday with a sharp gain of Rs 350 at Rs 29,650 per 10 grams, riding on brisk buying by local jewellers, even as the metal lost traction overseas.

The precious metal made the most of increased buying by local jewellers to meet ongoing festive season demand, but a weak trend overseas came as a spoiler. Silver strengthened by Rs 250 to Rs 39,500 per kg on increased offtake.

Globally, gold fell 0.24 per cent to USD 1,266 an ounce and silver by 0.30 per cent to USD 16.68 in Singapore on Monday. At the national capital, gold of 99.9 per cent and 99.5 per cent purity jumped by Rs 350 each to Rs 29,650 and Rs 29,500 per 10 grams, respectively.

Sovereign too traded higher by Rs 100 to Rs 24,500 per piece of eight grams. Tracking gold, silver ready advanced by Rs 250 to Rs 39,500 per kg while weekly-based delivery shed Rs 10 to Rs 38,450 per kg. Silver coins spurted by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

PTI