Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London. | Photo Credit: Ranvijay
Gold prices on February 19, 2019 rose ₹230 to ₹34,680 per 10 gram at the bullion market in the national capital on firm trend overseas, according to the All India Sarafa Association.
Besides, silver rose by ₹100 to ₹41,350 per kg, supported by increased offtake by industrial units.
Traders said firm trend overseas influenced the sentiment in the domestic market leading to advancement in the prices of the yellow metal.
However, subdued demand from local jewellers capped the gain in the gold prices, they added.
Meanwhile, Tapan Patel, senior research analyst (commodities), said: “The Brexit worries and the concerns over U.S.-China trade talks have been the bullish factors for gold prices since the past 2 months with the prices rallying almost 14% from the lows made in 2018.”
Gold prices at New York-based commodity exchange traded above at $1,325 an ounce awaiting the minutes of the U.S. Federal Reserve meeting during the week while weaker dollar remained the constant supportive factor, he said.
Mr. Patel, however, added that silver prices in New York traded steady near $15.82 an ounce gaining support from stong gold prices and buying in industrial metals.
On Monday, the Delhi bullion market remained closed in the wake of a terror attack on Central Reserve Police Force (CRPF) personnel.
In the national capital, gold of 99.9% and 99.5% purities jumped by ₹230 each to ₹34,680 and ₹34,530 per 10 gram, respectively.
Sovereign gold, on the other hand, continued to rule flat at ₹26,400 per piece of 8 gram. Silver ready advanced by ₹100 to ₹41,350 per kg and and weekly-based delivery climbed ₹215 to ₹40,177 per kg.
Silver coins were also in good demand and traded higher by ₹1,000 at ₹82,000 for buying and ₹83,000 for selling of 100 pieces.
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