Gold spurts by Rs 45 to Rs 32,270 in Delhi on festive demand, global cues

Rising for the second straight session, gold prices spurted by Rs 45 to Rs 32,270 per 10 grams at the bullion market Saturday on increased buying by local jewellers and positive cues from overseas markets.

Silver too climbed by Rs 100 to Rs 39,600 per kg due to pick up in demand from coin makers ahead of Diwali festival.

Marketmen said apart from a firm trend overseas, persistent buying by local jewellers to meet festive season demand boosted gold prices at the domestic spot markets.

Globally, gold rose 0.10 per cent to $1,227.50 an ounce and silver gained 0.41 per cent to $14.70 an ounce in New York on Friday.

Bullion market remained closed on Friday on the occasion of 'Dussehra'.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 45 each to Rs 32,270 and Rs 32,120 per 10 grams, respectively. The yellow metal had gained Rs 195 on Thursday.

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

Slver ready traded higher by Rs 100 to Rs 39,600 per kg but weekly-based delivery eased by Rs 45 to Rs 38,795 per kg.

Silver coins, however, held steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.