Gold surge in special Diwali trade | business | Hindustan Times
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Gold surge in special Diwali trade

A token buying by retail customers amid firming global trend on the auspicious occasion of Diwali today lifted the gold prices by Rs 730 to Rs 27,890 per ten grams in the national capital.

business Updated: Oct 26, 2011 19:00 IST

A token buying by retail customers amid firming global trend on the auspicious occasion of Diwali on Wednesday lifted the gold prices by Rs 730 to Rs 27,890 per ten grams in the national capital.

Similarly, silver spurted by Rs 2300 to Rs 56,000 per kg on increased off take by industrial units and rising demand from coins manufacturers.

Sentiment turned bullish on pick up in demand on Diwali, considered to be an auspicious occasion in Hindu mythology for making fresh purchases in precious metals, amid a firming trend in global markets.

Traders said the market flooded with retail customers making traditional purchases in jewellery and silver coins for 'Lakshmi' puja.

They said the volume of business picked up even as the market opened for a special session of two-hour before the puja ceremony to open new account books.

In addition, the gold in overseas markets which set price trend in domestic front here, climbed above 1,700 dollar an ounce to its highest level in a month as concerns about Europe's debt crisis spurred demand for the metal as a protection of wealth.

On the domestic front, gold of 99.9 and 99.5% purity surged by Rs 730 to Rs 27,890 and Rs 27,750 per ten grams respectively. Sovereign also moved up by Rs 200 to Rs 22,200 per piece of eight gram.

In similar fashion, silver ready spurted by Rs 2300 to Rs 56,000 per kg and weekly-based delivery by Rs 2200 to Rs 55,500 per kg respectively. Silver coins jumped up by Rs 2000 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.