Zee Media Bureau
New Delhi: Riding on firm global cues and increased buying by jewellers, gold prices moved up by Rs 75 to Rs 30,325 per 10 grams at the bullion market Tuesday.
Gold prices edged up for a second session on Tuesday as the US dollar weakened, but rising equities capped gains amid speculation over when the US Federal Reserve will raise interest rates.
Spot gold was up 0.2 percent at USD 1,258.68 an ounce. US gold futures had risen 0.3 percent to USD 1,259.80 an ounce. Fed Vice Chairman Stanley Fischer said on Monday that economic stability could be threatened by low interest rates, but it was "not that simple" for the Fed to hike.
In addition, pick-up in buying activity by jewellers to meet increased demand for ornaments from retailers at the domestic spot markets, triggered by ongoing wedding season, fuelled the uptrend, they said.
In the national capital, gold of 99.9 percent and 99.5 percent purity rose by Rs 75 each to Rs 30,325 and Rs 30,175 per 10 grams, respectively.
Tracking gold, silver ready advanced by Rs 350 to Rs 42,600 per kg while weekly-based delivery regained the Rs 42,000-mark by rising Rs 445 to Rs 42,300 per kg on speculative buying.
The precious metal had lost nearly 9 percent from July`s two-year highs to trade around USD 1,255 an ounce today, hit by expectations the US Federal Reserve would raise interest rates in December for the second time in a year.
The precious metal had lost nearly 9 percent from July`s two-year highs to trade around USD 1,255 an ounce on Tuesday, hit by expectations the US Federal Reserve would raise interest rates in December for the second time in a year.
With Agency Inputs
