Gold price and silver scale higher on festive mood

Mumbai-India (Oct 26)  Gold added to its sparkle as the price surged Rs. 215 to Rs. 30,715 per 10 grams on Wednesday following increased buying activity driven by the ongoing festive and wedding season demand amid a rising overseas trend.

In line with gold, silver jumped Rs. 100 to Rs. 43,000 per kg on increased off-take by coin makers and other consuming industries.

Sentiment, bullion merchants said, continued to remain firm on pick-up in demand from jewellers and retailers in view of the current festive and wedding season.

Additionally, a firm trend in the global market prompted more consumers to buy.

Globally, gold climbed 0.16 per cent to $1,275.10 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed Rs. 215 each to Rs. 30,715 and Rs. 30,565 per 10 grams, respectively. It had gained Rs. 85 yesterday.

Sovereign moved up Rs. 100 to Rs. 24,500 per piece of eight grams.

Silver ready strengthened Rs. 100 to Rs. 43,000 per kg while weekly delivery fell Rs. 210 to Rs. 42,490.

Silver coins spurted by Rs. 1,000 at Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

Source: TheHindu