Gold price & silver shine in Diwali trade on jewellers buying

Mumbai-India (Nov 11)  Extending its gains for the third straight day, gold prices advanced by Rs.15 to Rs. 26,250 per ten grams in special ‘Diwali Muhurat’ trading at the bullion market today on increased buying by jewellers, driven by the ongoing festive season.

Token buying activity on the auspicious occasion of Diwali and to mark the beginning of Hindu Samvat Year 2072 also supported the upside, traders said.

Silver also edged up by Rs. 25 to Rs. 34,900 per kg on increased offtake by industrial units and coin makers.

Gold of 99.9 and 99.5 per cent purity rose further by Rs. 15 each to Rs. 26,250 and Rs. 26,100 per ten grams respectively.

It had gained Rs 125 in the previous two sessions.

Sovereign, however, held steady at Rs. 22,300 per piece of eight gram.

Globally, gold slipped 0.2 per cent to USD 1,087.70 an ounce in London.

In a similar fashion, silver ready rose by Rs. 25 to Rs. 34,900 per kg, while weekly-based delivery fell by Rs. 250 to Rs. 34,270 per kg.

Meanwhile, silver coins remained steady at Rs. 48,000 for buying and Rs. 49,000 for selling of 100 pieces.

Source: TheHindu