Gold price at nearly 6-year high of ₹32,650 on festive demand

Mumbai-India (Oct 31)  Gold prices rallied for the second consecutive session on Wednesday, rising by ₹30 to touch nearly six-year high of ₹32,650 per 10 gram amid increased festive demand.

Silver, however, continued to remain weak and fell by ₹40 to ₹39,200 per kg due to tepid demand by industrial units.

Traders said sentiment remained positive on growing demand in the wake of upcoming festival of Diwali.

Globally, gold stood at USD 1,217.84 an ounce in New York.

In the Delhi bullion market, gold of 99.99 and 99.5% purity surged by ₹30 each to ₹32,650 and ₹32,500 per 10 gram, respectively.

This is the highest level since November 29, 2012 when the precious metal had closed at ₹32,940 per ten gram.

Sovereign gold, however, remained unchanged at ₹24,900 per piece of eight gram.

Last week on October 25, gold prices hit an over 6-year high of ₹32,625 per 10 gram.

In contrast, silver ready prices on Wednesday fell by ₹40 to ₹39,200 per kg, while silver weekly-based delivery rose marginally by ₹5 to ₹38,350 per kg.

Silver coins rates also increased to ₹76,000 for buying and ₹77,000 for selling of 100 pieces.

TheHindu