Festive buying pushes up gold, silver prices

PTI

New Delhi, 25 October 2010: Both silver and gold surged in the national capital today on fresh buying by retail customers for the on-going festive and marriage season amid firm global cues. While gold shot up by Rs. 225 to Rs. 19,780 per 10 grams, silver gained Rs. 450 to Rs. 36,100 per kg on increased offtake by industrial units and coin makers.

 

Trading sentiment turned bullish on emergence of buying by retail customers for upcoming Dhanteras and Diwali festivals, which witness maximum consumption of the precious metals. Gold strengthened in the domestic market as the yellow metal climbed in global markets as a weak dollar increased investors demand for the precious metals as an alternative investment option.

 

 

Gold in overseas markets, which normally sets the price on the domestic front, rose 1.3 per cent to $ 1,345.30 an ounce. On the domestic front, the gold of 99.9 and 99.5 per cent purity surged by Rs. 225 each to Rs. 19,780 and Rs. 19,680 per 10 grams, respectively. However, sovereign, held steady at Rs. 15,850 per piece of eight grams in restricted deals.

 

In line with a general firm trend, silver ready spurted by Rs. 450 to Rs. 36,100 per kg and weekly-based delivery by Rs. 410 to Rs. 35,600 per kg. Silver coins continued to trade around previous level of Rs. 36,000 for buying and Rs. 36,100 for selling of 100 pieces.