Gold price rises on increased buying by jewellers, global cues

New Delhi-India (Dec 27)  Gold prices rose by Rs 100 to Rs 27,100 per ten gram at the bullion market in the national capital on Saturday on increased buying by jewellers to meet wedding season demand amid a firm global trend.

Silver also gained Rs 300 to Rs 37,300 per kg on increased offtake by industrial units and coin makers.

Traders said increased buying by jewellers and retailers to meet wedding season demand amid a firming global trend, mainly buoyed the sentiment in the national capital.

Globally, gold in New York, which normally sets price trend on the domestic front, climbed 1.9 per cent to $1,195.30 an ounce, the biggest gain since December 9 in Friday's trade. Silver also rose 2.8 per cent to $16.14 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity rose by Rs 100 each to Rs 27,100 and Rs 26,900 per ten gram respectively.

Sovereign, however, held steady at Rs 23,700 per piece of eight gram in scattered deals.

Silver ready strengthened by Rs 300 to Rs 37,300 per kg and weekly-based delivery by a similar margin to Rs 37,450 per kg.

On the other hand, silver coins remained flat at Rs 59,000 for buying and Rs 60,000 for selling of 100 pieces.

Source: BusinessToday