Gold soars Rs 325 on wedding season demand, global cues

Traders said brisk buying by local jewellers to meet ongoing wedding season demand lifted the gold prices.

November 18, 2017 03:01 pm | Updated 03:01 pm IST - New Delhi

Gold prices on Saturday jumped by ₹ 325 to ₹ 30,775 per 10 grams at the bullion market on the back of wedding season demand and strong global cues.

Silver also recaptured the ₹ 41,000-mark by recovering ₹ 600 to ₹41,150 per kg on increased offtake by industrial units and coin makers.

Traders said brisk buying by local jewellers to meet ongoing wedding season demand lifted the gold prices.

Moreover, a firm trend in global markets amid a weak dollar boosted the sentiment.

Globally, gold rose by 0.04 % to SGD 1,755.62 per ounce in Singapore, while in New York the metal climbed 1.18 % to $ 1,293.40 an ounce and silver by 1.32 % to ₹ 17.28 an ounce.

In the national capital, gold of 99.9 % and 99.5 % purity zoomed by ₹325 each to ₹ 30,775 and ₹ 30,625 per ten grams respectively. The precious metal had lost ₹ 175 in last two days.

Sovereign, however, remained flat at ₹24,700 per piece of eight grams in limited deals.

Tracking gold, silver ready climbed by ₹ 600 to ₹ 41,150 per kg and weekly-based delivery by ₹560 to ₹ 40,150 per kg.

Silver coins were flat at ₹ 74,000 for buying and₹75,000 for selling of 100 pieces.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.