Business Today
Loading...

Gold rises on festive buying, global cues

Trading sentiment turned better, as retail customers entered the market to make token purchases for the Diwali, while jewellers stocked up to meet the marriage season demand.

twitter-logoPTI | November 4, 2010 | Updated 16:46 IST

Gold prices on Diwali eve (Thursday) rose Rs 110 to Rs 19,850 per ten gram in the bullion market in the national capital, on fresh buying by retailers and jewellers amid a firming trend in global markets.

Silver, however, held steady in restricted trade and traded at Rs 37,600 per kg.

Trading sentiment turned better, as retail customers entered the market to make token purchases for the Diwali, while jewellers stocked up to meet the marriage season demand.

Diwali is considered to be auspicious to make new purchases, particularly in gold and other household articles.

The prices further bolstered on reports of gold rising in global markets, which normally set prices on the domestic front, as dollar fell to near nine-month low after the US Fed said it will purchase more government debt.

Gold in the Asian region added 0.7 per cent to $1,357.45 an ounce and is up 23 per cent this year.

In the domestic market, the gold of 99.9 and 99.5 per cent purity rose Rs 110 each to Rs 19,850 and Rs 19,750 per ten gram. The metal had lost Rs 260 in the last two trading session.

Sovereign continued to trade in a tight range in restricted buying and maintained around previous level of Rs 15,950 per piece of eight gram.

Silver ready held steady at Rs 37,600 per kg, while silver weekly-based delivery shot up Rs 240 to Rs 37,240 per kg.

Silver coins was enquired around previous level of Rs 42,900 for buying and Rs 43,000 for selling of 100 pieces.

  • Print
  • COMMENT
BT-Story-Page-B.gif
A    A   A
close