Gold jumps on seasonal buying, weak rupee
NEW DELHI – Gold prices surged by Rs.915 to Rs 31,815 per 10gm in the national capital on Tuesday on renewed demand from stockists and retailers backed by wedding seasonal offtake.
Traders said gold prices surged on hectic buying by stockists for the marriage season and weak rupee against the dollar, making the precious metal costlier. The rupee fell to 63.52 per dollar, its lowest level in more than two months in intra-day trade on Tuesday. Shifting of funds from weakening equity to rising gold also influenced the yellow metal, they said.
Silver declined by Rs.160 to Rs.48,850 per kg on reduced offtake by industrial units and coin makers.
Sovereign followed suit and rose by Rs.200 to Rs.25,200 per piece of 8gm. On the other hand, silver ready met with resistance and declined by Rs.160 to Rs.48,850 and weekly-based delivery by Rs.260 to Rs.48,050 per kg. The white metal had gained Rs.110 on Monday. Silver coins also tumbled by Rs.1,000 to Rs.86,000 for buying and Rs.87,000 for selling of 100 pieces.