Gold prices rallied by Rs 70 to Rs 32,100 per 10 gram at the bullion market on Thursday on the back of sustained buying by local jewellers amid firm global cues, reported news agency Press Trust of India (PTI). Persistent buying by local jewellers and positive global cues, mainly kept gold higher, said traders. In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 70 each to Rs 32,100 and Rs 31,950 per 10 gram, respectively. However, silver prices eased by Rs 50 to Rs 39,350 per kg due to reduced offtake by industrial units and coin makers.
Here are 5 things to know about gold prices, silver rates:
1. On Wednesday, gold prices surged by Rs 555 to touch Rs 32,030 per 10 grams at the bullion market.
2. Sovereign gold traded steady Rs 24,600 per piece of 8 gram on Thursday.
3. Globally, gold prices moved in a narrow range on Thursday after upbeat US economic data and hawkish comments from Federal Reserve policymakers raised prospects of Reserve Bank of India (RBI) sticking to its tighter monetary policy, boosting the dollar.
4. "Comex gold dropped after reports showed growth in hiring and services in the US, bolstering the Federal Reserve's case for hiking interest rates. Higher rates hurt the appeal of gold, which doesn't pay interest. However ahead of nonfarm payrolls, we believe the yellow metal to remain in a tight range", said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities.
5. On the other hand, silver ready declined by Rs 50 to Rs 39,350 per kg, while weekly-based delivery eased by Rs 35 to settle at Rs 38,945 per kg. Silver coins, however, remained unaltered at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
(With inputs from Agencies)
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