Gold remains up on festive demand

Ignoring weak global cues, gold prices on Tuesday rose for the fourth day, adding another Rs 80 to close at Rs 11,890 per 10 gm on the bullion market here on increased demand ahead of the marriage and festive season.

Marketmen said increased buying by stockists and retailers at the existing lower level to meet marriage and festival demand mainly attributed to rise in the precious metal.

Weakening global trends, where the precious metal fell by seven dollar to reach $779.65 an ounce failed to have any negative impact on the sentiments, they added.

Standard gold and ornament prices shot up by Rs 80 each at Rs 11,890 and Rs 11,740 per 10 gm respectively while sovereign remained unaltered at Rs 9,825 per piece of 8 gram in limited deals.

 

On the other hand, silver ready dropped by Rs 175 to Rs 18,350 and weekly-based delivery by Rs 215 to Rs 18,050 per kg owing to sluggish demand while silver coins remained flat at Rs 27,800 for buying and Rs 27,900 for selling of 100 pieces.