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Updated: December 28, 2010 16:16 IST

Gold, silver move up on seasonal demand, firm global cues

PTI
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Prospective customers look at jewellery on display at a retail outlet. Photo: K.R. Deepak
The Hindu Prospective customers look at jewellery on display at a retail outlet. Photo: K.R. Deepak

Gold moved up by Rs. 70 to Rs. 20,790 per ten gram while silver rose by Rs. 150 to Rs. 45,000 per kg at the bullion market today, on fresh buying by jewellery makers to meet the demand for the marriage season amid a firming Asian trend.

Trading sentiment turned bullish after gold advanced for the third day in Asia on speculation that the dollar’s retreat may boost demand for the precious metal as an alternative safe investment.

Buying in precious metals was further bolstered on retail customers and jewellers buying for the ongoing marriage season.

Gold in overseas markets, which normally set price trend at home, climbed by 0.6 per cent to 1,391.95 dollar an ounce.

On the domestic front, the gold of 99.9 and 99.5 per cent purity moved up by Rs. 70 each to Rs. 20,790 and Rs. 20,670 per ten grams respectively. Sovereign followed suit and traded higher by Rs. 50 to Rs. 16,800 per piece of eight gram.

Silver ready, too, in line with the general firming trend, climbed by Rs. 150 to Rs 45,000 per kg and weekly-based delivery by Rs. 130 to Rs. 44,530 per kg. Silver coins also went up by Rs. 100 to Rs. 49,400 for buying and Rs. 49,500 for selling of 100 pieces.

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