Gold regains 32,000 level on seasonal demand, global cues
Amid rising domestic demand and afirming global trend, gold prices on Thursday regained Rs 32,000 per ten gram level after seven weeks in the national capital.business Updated: Oct 24, 2013 16:30 IST
Amid rising domestic demand and afirming global trend, gold prices on Thursday regained Rs 32,000 per ten gram level after seven weeks in the national capital.
Gold prices spurted by Rs 480 to Rs 32,410 per ten gram, a level last seen on September 4, while silver held steady at Rs 50,200 per kg on lack of support from industrial units.
Traders said increased buying of gold by stockists and jewellers to meet the rising festive and marriage season demand, amid firming global trend, influenced the sentiment.
While gold gained in domestic markets for the coming Diwali festival demand, a rising trend in global markets as the dollar fell against the euro, boosting demand for precious metals as an alternative investment, remained positive factors for the market.
Gold in London, which normally sets price trend on the domestic front, rose 0.6% to USD 1,341.90 an ounce.
On the domestic front, gold of 99.9 and 99.5% purity soared by Rs 480 each to Rs 32,410 and Rs 32,210 per ten gram, respectively. The metal had gained Rs 305 yesterday.
Sovereign held steady at Rs 25,300 per piece of eight gram.
On the other hand, silver ready and weekly-based delivery held unchanged at Rs 50,200 and Rs 50,000 per kg, respectively.
Silver coins, which are normally used for "Puja" on Diwali festival and gifting during marriage celebrations, spurted by Rs 1,000 to Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces on hectic demand.