Gold prices rise on festive demand

Jul 24 2012, 16:31 IST
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Gold prices rise on festive demand (PTI) Gold prices rise on festive demand (PTI)
SummaryGold prices continued to rise for the fourth-straight day by gaining Rs 100 to Rs 29,900 per 10 gm.

Gold prices continued to rise for the fourth-straight day by gaining Rs 100 to Rs 29,900 per 10 gm in the national capital today on increased buying by stockists and jewellers to meet the ongoing festival season demand amid a firming global trend.

Silver followed suit and recovered by Rs 250 to Rs 52,550 per kg on increased offtake by industrial units and coin makers.

Market analysts said increased buying by stockists and jewellers to meet the festive season demand mainly led to rise in both gold and silver prices.

Firming global trend where gold advances on deepening euro zone debt crisis after Moody's Investors Service cut the outlooks for Germany, Netherlands and Luxembourg to negative, boosted demand for the metal as a safe haven, they said.

Gold in global markets, which normally set price trend on the domestic front, rose 0.2 per cent to USD 1,579.73 an ounce and silver by 0.3 per cent to USD 27.11 an ounce in Singapore.

On the domestic front, gold of 99.9 and 99.5 per cent purity advanced by Rs 100 each to Rs 29,900 and Rs 29,700 per 10 gm, respectively. The metal had gained Rs 170 in the previous three sessions. Sovereign rose by Rs 50 to Rs 24,400 per piece of eight gram.

In line with the general firming trend, silver ready recovered by Rs 250 to Rs 52,550 per kg while weekly-based delivery by Rs 70 to Rs 52,785 per kg. It had lost Rs 150

yesterday.

However, silver coin remained steady at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.

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