Gold price rises to Rs. 30,530 on firm global cues, spot demand

New Delhi-India (Nov 10)  Gold prices went up Rs. 80 to Rs. 30,530 per 10 grams today, due to a positive global trend, along with increased buying by local jewellers to meet the ongoing wedding season demand.

In contrast, silver slumped Rs. 125 to Rs. 40,575 per kg due to reduced demand from industrial units.

Apart from a firm trend overseas, traders said local gold jewellers intensified their buying at the domestic spot market, which mainly led to the rise in prices.

Globally, gold rose 0.21 per cent to trade at almost a 3-week high of $1,283.50 an ounce in New York yesterday amid uncertainty over US tax reforms.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity moved up by Rs. 80 each to Rs. 30,530 and Rs. 30,380 per 10 grams, respectively. Sovereign, however, remained steady at Rs. 24,700 per piece of eight grams.

Silver declined by Rs. 125 to Rs. 40,575 per kg and weekly-based delivery by Rs. 110 to Rs. 39,660. Silver coins, however, remained flat at Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

BusinessLine