Gold gains for third day; up Rs 45 on higher buying, global cues
Prices rose to Rs 30,215 per 10 grams in the national capital today on increased buying by stockists and jewellers to meet the upcoming marriage season demand amid a strong global trend. Silver also jumped up by 490 to Rs 44,800 per kg.business Updated: Jan 11, 2014 15:38 IST
Rising for the third straight day, gold prices rose by another Rs 45 to Rs 30,215 per 10 grams in the national capital on Saturday on increased buying by stockists and jewellers to meet the upcoming marriage season demand amid a strong global trend.
Silver also jumped up by 490 to Rs 44,800 per kg on increased offtake by industrial units and coin makers.
Traders said increased buying by stockists and jewellers to meet ensuing wedding season demand mainly influenced gold prices.
Besides, a firming global trend where the precious metal gained the most in a week after payrolls in the US climbed less than projected, increasing speculation that the Federal Reserve will slow the pace of cuts to economic stimulus, also buoyed the sentiment here, they said.
Globally, gold rose by 1.4% to $1,246.90 an ounce, while silver by 2.7% to $20.22 an ounce in New York.
On the domestic front, gold of 99.9 and 99.5% purity added Rs 45 each to Rs 30,215 and Rs 30,015 per 10 grams, respectively. It had gained Rs 170 in last two sessions.
Sovereigns followed suit and rose by Rs 100 to Rs 25,100 per piece of eight grams.
In a similar fashion, both silver ready and silver weekly-based delivery shot up by Rs 490 each to close at the same level of Rs 44,800 per kg. The white metal had gained Rs 310 yesterday.
Silver coins also spurted by Rs 1,000 to Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.
First Published: Jan 11, 2014 15:32 IST