Local Demand, Strong Global Cues Lift Gold Prices: 5 Things To Know

Gold prices recovered by Rs 50 to reach Rs 31,900 per 10 grams at the bullion market on Saturday, driven by a firm trend overseas amid fresh buying by local jewellers, reported news agency Press Trust of India. Silver too rebounded by Rs 550 to Rs 39,800 per kg on the back of increased offtake by coin makers, it further said. Besides a firm trend overseas, increased demand from local jewellers mainly led to the recovery in gold prices, said traders.

Here are five things to know about gold, silver prices today:

1. Globally, gold traded higher at $1,202.70 an ounce and silver too advanced to $14.63 an ounce.    

2. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 50 each to Rs 31,900 and Rs 31,750 per 10 grams, respectively. The precious metal had shed Rs 250 on Friday. Sovereign, however, remained flat at Rs 24,600 per piece of eight grams.    

3. Silver ready staged a strong comeback by surging Rs 550 to Rs 39,800 per kg and weekly-based delivery rose by Rs 430 to Rs 39,275 per kg.    

4. Silver coins, however, continued to trade at the previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces. 

5. Demand for physical gold has been hit on account of higher domestic prices. This has prompted dealers to offer the biggest discounts in three-and-a-half months this week, according to a report by news agency Reuters. Earlier this week, gold futures hit their highest level since June 15, at Rs 31,350, while the rupee hit a record low of 74.23 to the dollar on Friday. (With agencies inputs)