Gold, silver up on festive season demand in India

New Delhi-India (Aug 29)  Extending gains for the second day, gold prices moved up by another Rs. 70 to Rs. 28,300 per ten gram in the national Capital today on increased buying by jewellers and retailers, driven by festive season demand coupled with strong global trend.

Silver also rose by Rs. 150 to Rs. 43,000 per kg on steady inflow of buying by industrial units and coin makers.

Traders said sustained buying by jewellers and retailers to meet festive season demand and a firming global trend, as escalating tension between Ukraine and Russia spurred safe-haven demand, mainly boosted sentiment.

Gold in Singapore, which normally sets price trend on the domestic front, traded tad higher at $1,290.22 an ounce from $1,289.65 yesterday. Silver also advanced 0.3 per cent to $19.57 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity advanced by Rs. 70 each to Rs. 28,300 and Rs. 28,100 per ten gram respectively. It had gained Rs. 55 yesterday.

Sovereign, however, continued to be asked at last level of Rs. 24,600 per piece of eight gram in limited deals.

In line with overall trend, silver ready moved up by Rs. 150 to Rs. 43,000 per kg and weekly—based delivery by Rs. 235 to Rs. 42,405 per kg. The white metal had gained Rs. 150 in the previous session.

On the other hand, silver coins remained steady at Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

Source: TheHindu