Gold prices up on festive season buying, global cues

Mumbai-India (Nov 1)  Gold prices spurted ₹130 to ₹32,780 per 10 gram at the bullion market on Thursday on persistent buying by local jewellers to meet festive season demand amid a firm trend overseas.

Silver, however, remained subdued and lost another ₹90 at ₹39,110 per kg, due to reduced offtake by industrial units.

Traders said, continued buying by local jewellers ahead of auspicious “Dhanteras” and “Diwali” festival and positive leads from the global market mainly kept the precious metal prices elevated.

Globally, gold rose 0.82% to USD 1,225.10 an ounce in Singapore. Silver, too, was trading up by 1.16% to USD 14.48 an ounce.

In the national capital, gold of 99.9% and 99.5% purity advanced by ₹130 each to ₹32,780 and ₹32,630 per 10 gram, respectively. The yellow metal had gained ₹100 in the previous two days.

Sovereign gold, however, held unchanged at ₹24,900 per piece of 8 gram.

On the other hand, silver ready continued to show weakness and shed another ₹90 at ₹39,110 per kg and silver weekly-based delivery fell by ₹222 to ₹38,128 per kg.

Silver coins, however, ruled flat at ₹76,000 for buying and ₹77,000 for selling of 100 pieces.

TheHindu