Gold price rises by R 150 to s 29,850 per 10 grams

New Delhi, Aug 24: Gold on Thursday made the most of a general weakness in the dollar by bouncing R 150 to s 29,850 per 10 grams, riding on a strong overseas trend and fresh buying by local jewellers.
By doing so, it snapped its two-day falling spell.
The US dollar moved down after President Donald Trump said he is willing to face the prospects of a government shutdown to secure funding for a wall along the US-Mexico border.
Any weakness in the dollar means greater appeal of the bullion, which offers better returns to investors in times of volatility.
Silver also advanced by s 200 to s 40,200 per kg backed by increased offtake by industrial units.
Traders said that apart from an upward trajectory overseas, fresh buying by local jewellers to meet festive season demand at the domestic spot market led to the recovery in prices of precious metals.
Globally, gold rose 0.46 percent to USD 1,290.30 an ounce and silver by 0.59 percent to USD 17.08 in New York yesterday.
In the national capital, gold of 99.9 percent and 99.5 percent purity climbed s 150 each to s 29,850 and s 29,700 per 10 grams, respectively. The yellow metal had lost Rs 250 in the previous two sessions. Sovereign, however, remained flat at s 24,500 per piece of eight grams. (Agencies)