Free Press Journal

Gold remains up on wedding season buying


New Delhi: Gold prices rose by Rs 25 to Rs 30,550 per ten grams at the bullion market today on continued buying by local jewellers, triggered by the ongoing wedding season.

However, a weak trend in global market, capped the gains. Silver followed suit and strengthened by Rs 180 to Rs 40,730 per kg due to increased offtake by industrial units and coin makers.

Bullion traders said increased buying by local jewellers to meet the ongoing wedding season demand at domestic spot market, mainly kept gold prices higher but a weak trend in the precious metals overseas, restricted the gains.

Globally, gold fell 0.49 per cent to USD 1,271.70 an ounce and silver by 0.82 per cent to USD 16.90 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 25 each to Rs 30,550 and Rs 30,400 per ten grams, respectively. The precious metal had gained Rs 75 yesterday.

Sovereign, however, remained flat at Rs 24,700 per piece of eight grams.

Tracking gold, silver ready rose further by Rs 180 to Rs 40,730 per kg and weekly-based delivery by Rs 170 to Rs 39,800 per kg.

Silver coins remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

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