Friday, 30 September 2016

Commodity Updates - Gold Price Higher, Silver For Losses

Gold Price Moves Higher, But Silver Headed  
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Rising for the second straight day, gold prices climbed Rs. 175 to Rs. 31,525 per 10 grams on Friday, lapping up positive global cues amid increased buying by jewellers in the domestic spot market. However, silver declined by Rs. 50 to Rs. 45,500 per kg on lack of buying support from industrial units and coin makers. Traders said sentiment turned positive after gold gained in global markets as rising investor concerns over Deutsche Bank's finances spurred a sell-off in equities, which helped underpin demand for safe haven of gold.  

Globally, gold rose 0.4 per cent to $1,325.45 an ounce in Singapore. 

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged Rs. 175 each to Rs. 31,525 and Rs. 31,375 per 10 grams, respectively. The precious metal had gained Rs. 50 yesterday. Sovereign, however, remained unchanged at Rs. 24,500 per piece of eight grams. On the other hand, silver ready fell by Rs. 50 to Rs. 45,500 per kg while weekly-based delivery lost Rs. 145 to Rs. 45,725 per kg. Silver coins remained flat at Rs. 77,000 for buying and Rs. 78,000 for selling of 100 pieces.

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