Market Update

Market Watch

Friday, 4 November 2016

Commodity Updates -- Gold Prices up at Rs. 31,050

Gold prices up at Rs. 31,050 on wedding season demand, firm global cues
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Continuing its rising streak for the fourth straight day, gold prices advanced by Rs. 50 to Rs. 31,050 per 10 gram at the bullion market today on sustained buying by jewellers for the ongoing wedding season amid a firm trend overseas. Silver, however, remained under selling pressure and went below the Rs. Rs 44,000-mark by falling Rs. 360 to Rs. 43,700 per kg on reduced offtake by industrial units and coin makers. 

Bullion traders said domestic sentiment remained firm on persistent buying by jewellers to meet the rising wedding season demand at the domestic spot market. Additionally, a firm trend in the global market prompted more consumers to buy.  

Globally, gold rose 0.44 per cent to $1,302.20 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 advanced by Rs. 50 each to Rs. 31,050 and Rs. 30,900 per 10 grams, respectively. It had gained Rs. 350 in the previous three sessions. Sovereign, however, held steady at Rs. 24,600 per piece of eight grams.  

On the other hand, silver ready fell further by Rs. 360 to Rs. 43,700 per kg and weekly-based delivery by Rs. 495 to Rs. 43,125 per kg. Silver coins were unaltered at Rs. 75,000 for buying and Rs. 76,000 for selling of 100 pieces.