Gold prices rise by Rs 150 on wedding season buying, global cues

Mumbai-India (Nov 23)  Gold prices recovered by Rs 150 to Rs 30,550 per 10 grams at the bullion market, on Thursday, on fresh buying by local jewellers to meet ongoing wedding season demand amid firm global cues.

Silver also rebounded by Rs 150 to Rs 40,500 per kg on increased offtake by industrial units and coin makers.

Traders said increased buying by local jewellers to meet ongoing wedding season demand at domestic spot market and a firm trend overseas, mainly led to the recovery in gold prices.

Globally, gold rose 0.90 per cent to $1,291.50 an ounce and silver by 1.12 per cent to $17.13 an ounce in New York in yesterday's trade.

At the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs 150 each to Rs 30,550 and Rs 30,400 per 10 grams, respectively. It had lost Rs 375 in the previous three sessions.

Sovereign, however, continued to be traded at the previous level of Rs 24,700 per piece of eight grams.

Tracking gold, silver ready traded higher by Rs 150 to Rs 40,500 per kg and weekly-based delivery by Rs 135 to Rs 39,480 per kg.

Silver coins, however, remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

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