The increase for the third consecutive day, gold prices rose by another Rs 45 to Rs 30,215 per 10 grams in Delhi on Saturday on higher purchases by stockists and jewelers to meet the demand of the next season marriage amid firm global trend.
Silver is also rose by 490 to Rs 44,800 per kg on increased extraction of industrial units and coin makers.
Traders said the increased buying by stockists and jewelers to meet the subsequent demand wedding season mostly led gold prices.
Moreover, a firming global trend where the precious metal gained over a week after the U.S. payrolls increased lower than expected, which increased speculation that the Federal Reserve rate cuts will slow down economic stimulus also driven the sentiment here, they said.
Globally, gold gained 1.4 percent to $ 1,246.90 an ounce, while silver by 2.7 percent to $ 20.22 an ounce in New York.
Domestically, gold of 99.9 and 99.5 per cent purity added Rs 45 each to Rs 30,215 and Rs 30,015 per 10 grams, respectively. It had gained Rs 170 over the past two sessions.
Sovereigns followed this lead and rose up by Rs 100 to Rs 25,100 per piece of eight grams.
Similarly, both silver ready and weekly-based delivery of silver jumped by Rs 490 each to close at the same level as Rs 44,800 per kg. The white metal had gained Rs 310 on Friday.
The silver coins also spawned from Rs 1000 to Rs 85,000 for purchase and Rs 86,000 for selling of 100 pieces.
Reported Source: PTI News Business Today