Gold price surges by Rs 40 on rise in demand, silver eases by Rs 275

Mumbai-India (Dec 13)  Gold prices on Saturday rose further by Rs 40 to Rs 27,350 per ten grams at the bullion market in the national capital on the back of rising demand from jewellers, driven by ongoing wedding season.

Silver, however, lacked necessary buying support from industrial units and eased by Rs 275 to Rs 38,285 per kg.

Traders said increased buying by jewellers and retailers to meet rising wedding season demand mainly kept gold prices higher but a weak trend overseas capped the gains.

Gold in New York, which normally sets price trend on the domestic front, fell by 0.3 per cent to $1,222.50 an ounce and silver by 0.3 per cent to $17.05 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity advanced by Rs 40 each to Rs 27,350 and Rs 27,150 per ten gram respectively. It had gained Rs 10 on Friday.

Sovereign, however, remained flat at Rs 23,800 per piece of eight gram in limited deals.

On the other hand, silver ready declined by Rs 275 to Rs 38,285 per kg but weekly-based delivery recovered by Rs 505 to Rs 38,705 per kg on speculative buying.

Silver coins spurted by Rs 1,000 to Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces on hectic marriage season demand.

Source: BusinessToday