Gold Prices Gain For Second Straight Day: 5 Things To Know

Gold firmed up by Rs 125 to Rs 33,325 per 10 grams on Tuesday, largely on the back of sustained wedding season buying by jewellers even as it weakened to near three-week lows overseas, reported news agency Press Trust of India (PTI). Silver, however, turned weak due to reduced offtake by coin makers and consuming industries and lost Rs 250 to Rs 39,850 per kg. Persistent buying by local jewellers, triggered by the ongoing wedding season, kept gold prices higher, said the report citing bullion traders.

Here are 5 key things to know about gold, silver prices: 

1. In Delhi, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 125 each to Rs 33,325 and Rs 32,175 per 10 grams, respectively. The yellow metal had gained Rs 40 on Monday.    

2. Sovereign, however, remained unaltered at Rs 25,500 per piece of eight grams on scattered enquiries.

3. Globally, gold bounced back on Tuesday from multi-week lows touched in the previous session as mounting concerns of an economic slowdown exacerbated by a cut in the International Monetary Fund's global growth forecast drove investors to the safety of bullion, reported news agency Reuters.

4. Spot gold was up 0.3 per cent to $1,283.50 per ounce in intraday trade, recovering from a dip to its lowest since December 28, at $1,276.31, on Monday, said Reuters. US gold futures were little changed at $1,282.80.

 5. In contrast, silver ready prices dropped by Rs 250 to Rs 39,850 per kg and weekly-based delivery slipped by Rs 264 to Rs 38,876 per kg. Silver coins, however, were unchanged at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.

(With agency inputs)