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| Gold rises Rs 30 on festive buying, firm global cues |
| Press Trust of India / Aug 17, 2010, 15:59 IST |
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Gold maintained its upward march for the sixth consecutive session in the national capital today, adding Rs 30 to Rs 18,900 per ten grams as stockists and jewellers augmented their holdings to meet festive demand amid a firming global trend.
The trading sentiment remained bullish after gold rose to nearly a six-week high in overseas markets as signs of a slowdown in the global economic recovery prompted investors to shift their funds to safer havens.
Gold in global markets, which normally sets the price trend on the domestic front, rose to $1,227.65 an ounce, its highest level since July 1.
Heavy buying by stockists and jewellers to meet festive demand further fuelled the uptrend in domestic markets.
Gold of 99.9 per cent and 99.5 per cent purity added Rs 30 each to Rs 18,900 and Rs 18,800 per ten grams, respectively. In the last five trading sessions, gold has gained Rs 505 per ten grams.
However, sovereigns were being traded at the previous level of Rs 14,800 per piece of eight grams in limited deals.
In line with the general firming trend, silver ready rose further by Rs 285 to Rs 29,750 per kg on increased offtake by industrial units and coin-makers. Weekly-based delivery also gained Rs 275 to Rs 29,435 per kg.
The price of silver coins also jumped by Rs 200 to Rs 34,700 for buying and Rs 34,800 for selling of 100 pieces.
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