Wedding season: Gold price climbs up on global cues by Rs 440 per 10 gm
New Delhi-India (Dec 6) Riding on strong global cues and wedding season buying by jewellers at the domestic spot market, gold on December 5, reclaimed the Rs 26,000-mark per 10 gram by surging Rs 440 at the bullion market. Silver followed suit and soared by Rs 850 to Rs 34,950 per kg on increased offtake by industrial units and coin makers.
Bullion merchants attributed rally in the precious metals to a firming trend overseas where it climbed to nearly three-week high and persistent buying by jewellers driven by ongoing wedding season.
Gold in New York, which normally determines price trend on the domestic front, climbed 2.33 per cent to USD 1,086.30 an ounce, its highest since November 16 and silver surged 3.38 per cent to USD 14.55 an ounce in yesterday's trade. In the national capital, gold of 99.9 and 99.5 per cent purity spurted by Rs 440 each to Rs 26,000 and Rs 25,850 per ten grams, respectively.
The precious metal had gained Rs 210 in the previous session. Sovereign also moved up by Rs 100 at Rs 22,300 per piece of eight grams. Following gold, silver ready rallied by Rs 850 to Rs 34,950 per kg and weekly-based delivery by Rs 1,560 to Rs 35,160 per kg. On the other hand, silver coins remained steady at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.