Gold regains Rs 32,000 level on seasonal demand

Oct 25 2013, 12:29 IST
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SummaryAmid rising domestic demand and a firming global trend, gold prices on Thursday regained the R32,000 per 10 gm level after seven weeks in the Capital.

Amid rising domestic demand and a firming global trend, gold prices on Thursday regained the Rs 32,000 per 10 gm level after seven weeks in the Capital.

Gold prices spurted by R480 to R32,410 per 10 gm, a level last seen on September 4, while silver held steady at R50,200 per kg on lack of support from industrial units. Traders said increased buying of gold by stockists and jewellers to meet the rising festive and marriage season demand, amid firming global trend, influenced the sentiment.

While gold gained in domestic markets for the coming Diwali demand, a rising trend in global markets as the dollar fell against the euro, boosting demand for precious metals as an alternative investment, remained positive factors for the market.

Gold in London, which normally sets price trend on the domestic front, rose 0.6% to $1,341.90 an ounce. On the domestic front, gold of 99.9% and 99.5% purity soared by R480 each to R32,410 and R32,210 per 10 gm, respectively. The metal had gained R305 on Wednesday.

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