Gold continues to rise on festive demand, global cues | business | Hindustan Times
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Gold continues to rise on festive demand, global cues

Gold prices rose for the third day on Saturday adding Rs 35 to close at Rs 18,795 per 10 gram here on buying by stockists and jewellers amid the festive season.

business Updated: Aug 14, 2010 16:12 IST

Gold prices rose for the third day on Saturday adding Rs 35 to close at Rs 18,795 per 10 gram here on buying by stockists and jewellers amid the festive season.

Silver strengthened by Rs 50 to Rs 29,350 per kg on increased offtake by industrial units and coins makers.

Buying activity further gathered momentum as gold rose to nearly a six-week high in global markets on slowing economic growth and rising demand for the metal.

Global bullion markets, which normally set the price trend on the domestic front, added 3.10 dollar to 1,219.80 dollar an ounce.

On the domestic front, gold of 99.99 per cent and 99.5 per cent purity added Rs 35 each to Rs 18,795 and Rs 18,695 per ten grams respectively. It had gained Rs 335 in the previous two trading sessions.

However, sovereigns held steady to Rs 14,800 per piece of eight grams in restricted buying.

In line with a general firming trend, silver ready rose further by Rs 50 to Rs 29,350 per kg and weekly-based delivery by Rs 30 to Rs 29,035 per kg. Silver coins also gained Rs 100 to Rs 34,500 for buying and Rs 34,600 for selling of 100 pieces.