Gold price spurts to Rs 32,500 on festive, wedding season demand

October 24, 2018

New Delhi-India (Oct 24)  Gold prices spurted Rs 150 to this year’s high of Rs 32,500 per 10 grams at the bullion market on persistent buying by local jewellers and a firm trend overseas. Silver, however, shed Rs 20 to Rs 39,730 per kg owing to reduced offtake by industrial units.

Traders said increased buying by local jewellers to meet the festive and wedding season demand and a firm trend overseas mainly lifted gold prices to this year’s highest level.

Gold rose 0.11 per cent to $1,232.20 an ounce in Singapore. It had touched $1,239.68 an ounce on Tuesday, the highest since July 17, as geopolitical and economic uncertainty raised the demand for the precious metals as a safe-haven. Silver also moved up by 0.17 per cent to $14.83 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 150 each to Rs 32,500 and Rs 32,350 per 10 grams, respectively, its highest level this year. The yellow metal had gained Rs 130 on Tuesday.

On the other hand, silver ready eased by Rs 20 to Rs 39,730 per kg and weekly-based delivery by Rs 50 to Rs 39,010 per kg. Silver coins, however, spurted by Rs 1,00 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.


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