Gold prices rise on festive demand & global cues

New Delhi-India (Oct 11)  Gold prices rose by Rs80 to Rs30,830 per 10 gram on Thursday following uptick in festive season demand from jewellers and retailers at the domestic spot market amid a strong global trend. Silver too rallied by Rs235 to Rs41,300 per kg on higher offtake by industrial units and coin makers.

Bullion traders said prices spurted due to surge in festive demand. Besides, firm global cues where gold rose to two-week high amid muted dollar after minutes from the US Federal September policy meet revealed low inflation concerns, helped the uptrend.

Globally, gold rates rose 0.39% to $1,296.10 an ounce in Singapore. Silver too gained 0.44% to trade at $17.23 an ounce.

In the national capital, gold of 99.9% and 99.5% purity recovered by Rs80 each to Rs30,830 and Rs30,680 per 10 gram, respectively. The metal had lost Rs15 on Wednesday. Sovereign however remained steady at Rs24,700 per piece of eight gram.

In sync with gold, silver ready moved up Rs235 to Rs41,300 per kg and weekly-based delivery traded higher by Rs65 to Rs40,330 per kg on speculative buying. Silver coins however remained unchanged at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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