Gold prices soar for second day straight; Expected to reclaim Rs 33000 mark
Sentiment in the domestic market turned bullish on the back of increased buying by jewellers and a positive trend in global markets coupled by a weaker rupee which led to the increase
Gaining for second straight day, gold prices on Wednesday rose by Rs. 150 to Rs. 33,020 per 10 grams, revealed the All India Sarafa Association. Sentiment in the domestic market turned bullish on the back of increased buying by jewellers and a positive trend in global markets. Besides, a weaker rupee raised safe haven appeal of the precious metal, traders said. Globally, gold prices firmed as signs of an escalating trade war made investors risk averse, but a buoyant dollar capped the metal's upside.
Spot gold was up 0.2 per cent at $1,281.59 per ounce in intraday trade. In the previous session, the metal slipped from a 1-week peak of $1,287.32 hit on Monday but bounced off a support at around $1,275. US gold futures were up 0.3 per cent at $1,280.80 an ounce.
Meanwhile, silver prices dropped by Rs. 225 at Rs. 37,325 per kg, while weekly-based delivery declined Rs. 243 to Rs. 36,183 per kg. Silver coins held flat at Rs. 79,000 for buying and Rs. 80,000 for selling of 100 pieces.