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Gold jumped by Rs 450 on wedding sesonal demand, global cues

Gold jumped by Rs 450 on wedding sesonal demand, global cues

Traders said the onset of buying by stockists at existing lowest levels for the current season of wedding amid robust global trend mainly helped the prices of gold to recover.

Breaking two days of losses, the prices of gold jumped by Rs 450 to Rs 31,250 per ten grams in the capital city today on emergence of buying by stockists at existing lower levels for the current marriage season amid a strong global trend.

Silver, however, fell for a third consecutive day by losing Rs 200 to Rs 43,800 per kilo in the lack of buying support from makers of coins and industrial units.

Traders said the onset of buying by stockists at existing lowest levels for the current season of wedding amid robust global trend mainly helped the prices of gold to recover.

Gold in New York, which usually determined price trend on the homefront, rose by $ 19, or 1.55 percent, to $ 1243.30 an ounce last night.

Domestically, gold of 99.9 and 99.5 percent purity recovered by Rs 450 each for Rs 31,250 and Rs 31,050 per ten grams, respectively, after losing Rs 725 in the previous two sessions. Sovereign also rose Rs 100 to Rs 25,200 per piece of eight grams.

Moreover, silver dropped further by Rs 200 to Rs 43,800 per kg, while weekly-based delivery spurted by Rs 1370 to Rs 44,300 per kg on buy speculatively. The metal had lost Rs 1,075 in the past two days.

The silver coins fell by Rs 1,000 to Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.

Reported: India Times

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