Gold extended gains for the second straight day by adding another Rs10 to Rs29,725 per 10 grams on Tuesday, mainly driven by a firm global trend and pick up in wedding season demand from local jewellers and retailers.
Silver also strengthened by Rs40 to Rs41,840 per kg due to increased off-take by industrial units and coin makers. Bullion traders said a firming trend overseas where gold rose to the highest since November after protectionist signals from Donald Trump’s unsettled financial markets and weakened the dollar, which triggered demand for the metal as a safe haven.
Globally, gold rose 0.64% to $1,217.70 an ounce and silver 0.82% to $17.20 an ounce in New York on Monday. Besides, pick up in buying by local jewellers to meet ongoing wedding season demand at domestic spot market also supported the uptick, they said. In the national capital, gold of 99.9% and 99.5% purity edged up by Rs10 each to Rs29,725 and Rs29,575 per 10 grams, respectively.
Source: Live Mint