Gold price edges higher to Rs 28,350 per 10 grams

New Delhi: Gold prices edged higher by Rs 50 to Rs 28,350 per 10 grams today, tracking a firm trend overseas amid scattered buying by local jewellers.

At the Multi Commodity Exchange (MCX), gold for delivery in February was up Rs 31, or 0.11 percent, at Rs 27,601 per 10 grams in a business turnover of 279 lots.

Analysts said a firming trend in precious metals overseas mainly buoyed gold futures.

In the national capital, gold of 99.9 percent and 99.5 percent purity were up by Rs 50 each to Rs 28,350 and Rs 28,200 per 10 grams, respectively.

Following gold, silver ready rebounded by Rs 300 to Rs 39,600 per kg and weekly-based delivery by Rs 345 to Rs 39,540 per kg.

Gold in international markets

Globally, after gaining more than 8 percent in 2016, gold extended its strong run into the New Year, pushed higher in 2017`s first day of trading on Tuesday on technical buying, despite a stronger dollar.

Spot gold last quoted up 0.6 percent at USD 1,158.10 per ounce, while US gold futures rose 0.6 percent to USD 1,158.50.

The most active COMEX gold futures contract finished 2016 up 7.1 percent as compared to the end of 2015. Spot gold zoomed to USD 1,372.60 an ounce in August 2016 from USD 1,060.20 in 2015 before settling at USD 1,150.90, a growth of over 9 percent.

With Agency Inputs