Gold up by Rs 25, silver rises by Rs 250 on seasonal demand
Both the precious metals, gold and silver, rose on Monday on fresh buying by stockists and jewellers to meet the seasonal demand, amid a firming global trend.business Updated: Oct 17, 2011 16:14 IST
Both the precious metals, gold and silver, rose on Monday on fresh buying by stockists and jewellers to meet the seasonal demand, amid a firming global trend.
While gold rose by Rs 25 to Rs 27,190 per 10 grams, silver jumped up by Rs 250 to Rs 53,800 per kg.
Trading sentiments for gold remained firm after it rose in London, as concern about Europe's debt crisis spurred demand for protection of wealth.
Gold in global markets, which normally sets the price trend on the domestic front, rose by USD 12.27 to USD 1,693 an ounce and silver by 0.8% to USD 32.46 an ounce in London.
In addition, pick-up in local buying for the ongoing festive and wedding season also bolstered trading sentiments.
On the domestic front, gold of 99.9 and 99.5% purity rose by Rs 25 each to Rs 27,190 and Rs 27,050 per 10 grams, respectively. Sovereigns followed suit and gained Rs 50 to Rs 22,050 per piece of eight grams.
Similarly, silver ready moved up by Rs 250 to Rs 53,800 per kg while silver weekly-based delivery shed Rs 70 to Rs 53,300 per kg on lack of support.
However, silver coins continued to be asked at last level of Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.