Gold glitters on jewellers' buying, global cues

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New Delhi: Gold rose by Rs 150 to trade at Rs 32,650 per 10 gram at the bullion market on Monday, helped by increased buying by local jewellers and a firm global trend.

Silver also rallied by Rs 410 to end at Rs 40,010 per kg on rise in offtake by industrial units and coin makers.

Bullion traders said gold got a boost following a pick-up in buying by local jewellers as well as retailers and a firming trend overseas, as a weak dollar raised appeal of the precious metal as a safe haven.

The dollar weakened on expectations that the US Federal Reserve might apply brakes on its monetary tightening cycle in 2019.

Globally, gold rose 0.33 per cent to USD 1,289.50 an ounce and silver by 0.54 per cent to USD 15.85 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities rallied by Rs 150 each to Rs 32,650 and Rs 32,500 per 10 gram, respectively. The precious metal had lost Rs 190 in the previous session.

Sovereign, however, remained flat at Rs 25,200 per piece of eight gram.

Silver ready prices went up by Rs 410 to Rs 40,010 per kg and weekly-based delivery by Rs 136 to Rs 39,309 per kg.

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

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