Amid rising domestic demand and a firming 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 per cent to $1,341.90 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity soared by Rs. 480 each to Rs. 32,410 and Rs. 32,210 per ten gram, respectively. The metal had gained Rs. 305 on Wednesday.
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 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.