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Rediff.com  » Business » Gold, silver flare up on brisk buying, global cues

Gold, silver flare up on brisk buying, global cues

January 24, 2014 16:43 IST

Gold jewelleryGold prices rose by Rs 200 to Rs 30,370 per 10 grams in the national capital on Friday on brisk buying by stockists for the marriage season amid a firm global trend.

Silver prices also jumped by Rs 500 to Rs 45,000 per kg on increased offtake by jewellery fabricators and industrial units.

A similar trend was noticed in Mumbai as gold of 99.9 and 99.5 per cent purity recovered Rs 125 each to Rs 30,050 and Rs 29,900 per ten gram, respectively, while silver shot up by Rs 600 to Rs 45,850 per kg.

Traders said brisk buying by stockists for the marriage season amid a firm global trend, where gold jumped to the highest close in nine weeks as the dollar plunged, boosting demand for the precious metal as an alternative investment, mainly supported the uptrend.

Gold in New York, which normally sets price trend on the domestic front, rose by 1.9 per cent to $1,262.50 an ounce, the highest since November 19 and silver by 0.9 per cent to $20.01 an ounce.

Shifting of funds from falling equities to rising bullion also influenced the sentiment to some extent, they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 200 each to 30,370 and Rs 30,170 per 10 grams, respectively. Sovereign remained steady at Rs 25,100 per piece of eight gram.

In a similar fashion, silver ready spurted by Rs 500 to Rs 45,000 per kg and weekly-based delivery by Rs 700 to Rs 44,950 per kg. Silver coins continued to be asked at last level of Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.

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