Extending gains for the third day, gold prices rose by Rs 300 to Rs 30,700 per ten grams in the capital city Delhi today on sustained buying by stockists for the ongoing marriage season in the midst of firming global trend.
Prices of silver also sprung by Rs 590 to Rs 44,200 per kg. Bullion traders said the market remained bullish on sustained buying by stockists and jewelery makers for the marriage season.
They said that the increase was further supported by a firming global trend, where gold groweth in the lack of concern that global growth may boost demand for the yellow metal.
Gold in Singapore, price trend usually set price trend on the home front here, rose 0.3 percent to $ 1261.15 an ounce, as the MSCI All – Country World Index of shares lost 1.6 percent.
Manufacturing production in China, U.S. and the UK slowed as a sell-off in emerging markets, raising fears of a slowdown in global economic growth, they said.
Investors shifting their equity funds to increasing melting ingots was another factor responsible for increase in the prices of gold and silver.
In the domestic market here, gold of 99.9 and 99.5 percent pure 300 rupees each to Rs 30,700 and Rs 30,500 per ten grams respectively soared. Sovereign remained unchanged at Rs 25,200 per piece of eight grams.
Silver ready flowed by Rs 590 to Rs 44,200 per kg and weekly-based delivery by Rs 465 to Rs 43,800 per kg. Silver coins also gained Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.
Reported News Source: Economic Times