Gold tops Rs 32,000-mark on jewellers’ buying, global cues

Halting a three-day slide, gold prices rebounded by Rs 230 to reach Rs 32,090 per 10 grams on revival of buying by local jewellers amid firm global cues.

However, silver remained under selling pressure and lost another Rs 200 to Rs 40,700 per kg.

Traders said fresh buying by local jewellers and retailers at existing lower levels at the domestic spot market and a firm trend overseas, as political uncertainty in Italy and concerns of a possible China-US trade war spurred safe-haven demand, mainly led to the rebound in gold prices.

Globally, gold rose 0.09 per cent to USD 1,298.40 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 230 each to Rs 32,090 and Rs 31,940 per 10 grams, respectively. The precious metal had lost Rs 615 in the previous three sessions.

Sovereign, however, remained steady at Rs 24,800 per piece of eight grams.

On the other hand, silver ready fell by Rs 200 to Rs 40,700 per kg and weekly-based delivery cracked below the Rs 40,000-mark by plunging Rs 335 to Rs 39,785 per kg.

Silver coins were unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.