Gold rises to 9-week high on wedding demand, global cues

Written by Press Trust of India | New Delhi | Updated: Nov 24 2012, 04:33am hrs
Gold prices surged to nine-week high in the national capital on Friday on rising wedding season demand and weakening rupee amid a firming global trend.

The gold advanced by Rs 110 to Rs 32,560 per 10 gm, a level last seen on September 17. Silver also rose by Rs 250 to Rs 62,500 per kg on industrial buying.

Traders said wedding season demand with higher global trend after investors holdings rose to an all-time high and central banks added to reserves as Europe's debt crisis persisted, mainly bolstered the sentiment. They said the dollar-priced metals also rose as Indian rupee fell to nearly three-month low against the American currency made the import costlier.

Gold in global markets, which normally set price trend on the domestic front advanced 2.20 dollar to 1731.90 dollar an ounce and silver by 0.21% to 33.45 dollar an ounce in Singapore. On the domestic front, gold of 99.9 and 99.5 per cent purity gained R110 each to R32,560 and R32,360 per ten gram respectively. The metal had gained R50 on Thursday.