Gold Glitters as Jewellers Call Off Strike

Moreover, ongoing wedding season demand supported the uptrend in the precious metal prices.

Published: 27th April 2016 05:08 PM  |   Last Updated: 27th April 2016 05:09 PM   |  A+A-


Gold jewellery is seen displayed for sale at a shop in a gold market in Basra, southeast of Baghdad February 14, 2015. REUTERS


NEW DELHI: Gold regained its sheen to trade higher by INR 215 to INR 29,790 per ten grams as the bullion market in the national capital reopened after two days of strike, while silver rallied by INR 775 to INR 40,975 per kg largely in tune with a firming global trend.

Moreover, ongoing wedding season demand supported the uptrend in the precious metal prices.

The market, which opened after two days of jewellers' strike against 1 per cent excise duty on non-silver jewellery witnessed rising demand from retailers and stockists for the ongoing wedding season amid firm global cues.

Different jewellers associations had collectively called a three-day strike on Monday, demanding rollback of the one per cent excise duty.

Globally, gold rose 0.08 per cent to USD 1,244.30 an ounce in Singapore.

In the national capital, gold of 99.9 and 99.5 per cent purity rose by INR 215 each to INR 29,790 and INR 29,640 per ten grams respectively, while sovereign held steady at INR 23,200 per piece of eight grams.

Similarly, silver ready prices spurted by INR 775 to INR 40,975 per kg and weekly-based delivery by INR 755 to INR 40,740 per kg.

On the other hand, silver coins traded at previous level of INR 64,000 for buying and INR 65,000 for selling of 100 pieces.

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