Gold price firms up to 3-month high amid wedding season buying

New Delhi-India (Feb 2)  Rising for the third straight day, gold today advanced by Rs. 115 to trade at over three-month high of Rs. 27,300 per ten grams on persistent buying by jewellers to meet the wedding season demand, amid a firming trend overseas.

Besides, a weak rupee against the dollar that made the imports costlier supported the upside in gold prices.

However, silver eased by Rs. 60 to Rs. 34,870 per kg due to reduced offtake by industrial units and coin makers.

Bullion traders said apart from a firming global trend, where gold soared to a three-month high, pick-up in buying by jewellers to meet the ongoing wedding season demand mainly upped the sentiment here.

Gold in Singapore, which normally determines price trend on the domestic front, gained 0.2 per cent to USD 1,130.50 an ounce, the highest since November 3 last year.

In the national capital, gold of 99.9 and 99.5 per cent purity rose further by Rs.115 each to Rs. 27,300 and Rs. 27,150 per ten grams respectively, a level last seen on October 21 last year. The precious metal had gained Rs. 135 in the previous two days.

Sovereign also edged up by Rs. 50 at Rs. 22,550 per piece of eight grams.

On the other hand, silver ready fell by Rs. 60 to Rs. 34,870 per kg, while weekly-based delivery inched up by Rs.15 to Rs. 34,735 per kg.

Silver coins, however, continued to be traded at last level of Rs. 50,000 for buying and Rs. 51,000 for selling of 100 pieces.

Source: TheHindu