Gold price rises to 3-month high of Rs 27,300
Gold in Singapore, which normally determines price trend on the domestic front, gained 0.2 per cent to $1,130.50 an ounce, the highest since November 3 last year.
- Feb 2, 2016,
- Updated Feb 2, 2016 3:02 PM IST
Gold prices rose for the third straight day advancing to a 3-month high of Rs 27,300 per ten grams. The gold on Tuesday rose by Rs 115 on account of below reasons:
- Persistent buying by jewellers to meet the wedding season demand
- A firming trend overseas. Bullion traders said apart from a firming global trend where gold soared to a three-month high, pick-up in buying by jewellers to meet the ongoing wedding season demand mainly upped the sentiment.
- Besides, a weak rupee against the dollar that made the imports costlier, supported the upside in gold prices.
Gold in Singapore, which normally determines price trend on the domestic front, gained 0.2 per cent to $1,130.50 an ounce, the highest since November 3 last year. In the national capital, gold of 99.9 and 99.5 per cent purity rose further by Rs 115 each to Rs 27,300 and Rs 27,150 per ten grams respectively, a level last seen on October 21 last year. The precious metal had gained Rs 135 in the previous two days.
Sovereign also edged up by Rs 50 at Rs 22,550 per piece of eight grams. On the other hand, silver ready fell by Rs 60 to Rs 34,870 per kg, while weekly-based delivery inched up by Rs 15 to Rs 34,735 per kg. Silver coins, however, continued to be traded at last level of Rs 50,000 for buying and Rs 51,000 for selling of 100 pieces.
Gold prices rose for the third straight day advancing to a 3-month high of Rs 27,300 per ten grams. The gold on Tuesday rose by Rs 115 on account of below reasons:
- Persistent buying by jewellers to meet the wedding season demand
- A firming trend overseas. Bullion traders said apart from a firming global trend where gold soared to a three-month high, pick-up in buying by jewellers to meet the ongoing wedding season demand mainly upped the sentiment.
- Besides, a weak rupee against the dollar that made the imports costlier, supported the upside in gold prices.
Gold in Singapore, which normally determines price trend on the domestic front, gained 0.2 per cent to $1,130.50 an ounce, the highest since November 3 last year. In the national capital, gold of 99.9 and 99.5 per cent purity rose further by Rs 115 each to Rs 27,300 and Rs 27,150 per ten grams respectively, a level last seen on October 21 last year. The precious metal had gained Rs 135 in the previous two days.
Sovereign also edged up by Rs 50 at Rs 22,550 per piece of eight grams. On the other hand, silver ready fell by Rs 60 to Rs 34,870 per kg, while weekly-based delivery inched up by Rs 15 to Rs 34,735 per kg. Silver coins, however, continued to be traded at last level of Rs 50,000 for buying and Rs 51,000 for selling of 100 pieces.