Gold regains sheen on global cues

Reversing a two-day slide, gold prices rose by Rs 250 to Rs 30,500 for 10 grams at the bullion market on Saturday, largely driven by a firm trend overseas amid pick-up in buying by jewellers at the domestic spot market.

Silver, however, continued its fall and lost another Rs 50 to Rs 39,150 per kg owing to reduced offtake by industrial units and coin makers.

Bullion traders attributed the recovery in gold prices to a firm trend overseas as the weakness in dollar boosted demand for the precious metal as a safe-haven.

Globally, gold rose by 0.39% to $1,279.60 an ounce in New York on Friday.

In addition, increased buying by local jewellers to meet ongoing wedding season demand fuelled the uptrend, they said.

In the national capital, gold of 99.9% and 99.5% purity rebounded by Rs 250 each to Rs 30,500 and Rs 30,350 per 10 grams, respectively. It had lost Rs 270 in the previous two days.

Sovereign, however, held steady at Rs 24,700 per piece of eight grams.

On the other hand, silver ready remained bearish and fell by Rs 50 to Rs 39,150 per kg and weekly-based delivery slipped by Rs 130 to Rs 37,580 per kg. Silver coins, however, remained steady at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.