Precious metals up on wedding season demand, global cues
New Delhi: Both the precious metals, silver and gold climbed in the national capital today on sustained buying by stockists for the ongoing marriage season demand amid a firming global trend.
While gold advanced Rs 25 to Rs 31,575 per 10 gm, silver rose by Rs 100 to Rs 61,800 per kilo on stockists and industrial units buying.
Marketmen said the precious metals remained in demand for the second straight day on rising demand for the ongoing marriage season and industrial units buying silver.
They said the sentiment firmed up further on firming global trend on reports of US consumer confidence falling more than forecast, fuelling speculation that the Federal
Reserve will buy more debt to boost the economy.
The gold in New York, which normally set price trend on the domestic front here, rose 0.2 per cent to USD 1,705.50 an ounce.
In the national capital, gold of 99.9 and 99.5 per cent purity rose by Rs 25 each to Rs 31,575 and Rs 31,375 per 10 gm, respectively. Sovereign also rose by Rs 50 to Rs 25,550 per piece of eight gram.
Silver ready rose by Rs 100 to Rs 61,800 per kg and weekly-based delivery by Rs 25 to Rs 62,540 per kg. Silver coins continued to be asked at previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.