Wedding season demand, positive global cues push gold prices up by Rs 25

Mumbai-India (Jan 24)  Gold on Wednesday rose by Rs 25 to Rs 31,100 per ten gram, driven by positive global cues and increased buying by local jewellers to meet wedding season demand.

On the other hand, silver held steady at Rs 39,900 per kg on scattered deals from industrial units and coin makers.

Bullion traders said a firm trend overseas as the US dollar fell to a fresh three-year low, boosting demand for gold as a safe-haven asset, mainly kept prices higher.

Globally, gold rose 0.16 per cent to $1,343 an ounce and silver by 0.21 per cent to $17.07 an ounce in Singapore.

Besides, persistent buying by local jewellers to meet wedding season demand at domestic spot market, fuelled the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 25 each to Rs 31,100 and Rs 30,950 per ten gram, respectively.

Bullion market was closed yesterday due to 'Delhi Trade Bandh' called by Confederation of All India Traders (CAIT) against sealing of business establishments in the city.

Sovereign however eased by Rs 100 to Rs 24,800 per piece of eight gram.

Silver ready ruled flat at Rs 39,900 per kg, while weekly-based delivery fell by Rs 75 to Rs 38,940 per kg on lack of speculators' support.

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

BusinessStandard