Business News
Gold Price Surges By Rs. 175, Silver Up By Rs. 150
Better trend overseas amid a steady dollar pushed gold rate, traders said.
New Delhi: Gold prices surged by Rs. 175 to Rs. 29,700 per 10 grams at the bullion market on Tuesday, driven by a firm trend overseas amid fresh buying by local jewellers.
Silver also went up by Rs. 150 to Rs. 38,250 per kg due to increased offtake by industrial units and coin makers.
Traders said, better trend overseas amid a steady dollar with investors monitoring the progress of the US tax reform bill along with a pick-up in buying by local jewellers, mainly pushed up gold prices.
Globally, gold rose 0.18 per cent to $1,264.20 an ounce and silver by 0.15 per cent to $16.16 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced back by Rs. 175 each to Rs. 29,700 and Rs. 29,550 per 10 grams, respectively. It had shed Rs. 25 on Monday.
Sovereign, however, held steady at Rs. 24,500 per piece of eight grams in limited deals.
Following gold, silver ready traded higher by Rs. 150 to Rs. 38,250 per kg and weekly-based delivery by Rs. 165 to Rs. 37,500 per kg.
Silver coins too spurted by Rs. 1,000 to Rs. 71,000 for buying and Rs. 72,000 for selling of 100 pieces.
