Gold Prices Recovered 29,000-Mark

INDORE, India - March 16, 2017 - PRLog -- Gold prices ascended sharply by Rs 450 to regain Rs 29,000-mark and trade at the rate of Rs 29,100 per 10 grams at the bullion market today, 16 March 2017,  tracking a solid trend overseas in the midst of fresh buying by local jewellers. A firm trend overseas after the US Federal Reserve raised key lending rates along with increased buying by local jewellers, mainly led to rally in gold prices.  On the other side, Silver followed suit to regain the Rs 41,000-mark by surging Rs 1,050 to Rs 41,350 per kg on increased off-take by industrial units and coin makers.
Globally, gold rose by 0.44% to USD 1,225.10 an ounce and silver by 0.63% to USD 17.43 an ounce in Singapore. In New Delhi, gold of 99.9 and 99.5% purity rose by Rs 450 each to Rs 29100 and Rs 28950 per 10 grams, respectively. The precious metals had lost Rs 400 in last two days. Sovereign also moved up by Rs 100 at Rs 24,300 per piece of 8 grams.
MCX Gold is expected to see a substantial surge at the start today after testing lows near Rs 27,900 per 10 grams on 15 March 2017.  COMEX Gold jumped more than 1.5% to a seven days high on 15 March 2017, as the US Fed Reserve called for gradual monetary tightening after hiking interest rates by 25 bps for the second time in 3 months.  The metal has gained more in Asia, quoting around USD 1225 per ounce levels. The US dollar index fell to a 2-week low, keeping the undertone well supported for Gold.
Following gold, silver ready flared up by Rs 1050 to Rs 41350 per k.g and weekly based delivery by Rs 1040 to Rs 41010 per k.g. Silver coins held steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.

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