Gold rises Rs 75 to Rs 18,400 on firm global trend

Gold prices rose by Rs 75 to Rs 18,400 per ten grams in the national capital today on emergence of buying by stockists and jewellers for the ongoing marriage season amid a firming global trend.

Silver also jumped up by Rs 300 to Rs 29,050 per kg on increased offtake by industrial units and coin-makers.

The trading sentiment turned better after gold climbed in global markets as the weaker euro revived demand for a safe haven to park funds. Last week’s decline in gold prices to the lowest level in more than a fortnight boosted the metal’s allure.

Marketmen said fresh buying by stockists and jewellers to meet the ongoing marriage season and reports of a firming trend in overseas markets mainly led to the rise in gold and silver prices.

The price of gold in overseas markets, which normally sets the trend on the domestic front, rose by $12.80 to $1,189.90 an ounce.
 
Standard gold and ornaments rose by Rs 75 each to Rs 18,400 and Rs 18,250 per ten grams respectively, while sovereigns held steady at Rs 14,450 per piece of eight grams.

In line with the general trend, silver ready rose by Rs 300 to Rs 29,050 per kg and weekly-based delivery by Rs 245 to Rs 28,660 per kg respectively. Silver prices also gained Rs 100 to Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.