Gold, silver prices jump on Diwali buying, global cues

Oct 26 2013, 16:27 IST
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Buying by stockists and jewellery fabricators to meet upcoming festivals like Dhanteras and Diwali mainly led to rise in precious metal. Buying by stockists and jewellery fabricators to meet upcoming festivals like Dhanteras and Diwali mainly led to rise in precious metal.
SummaryGold prices gain Rs 170 to Rs 32,570 per 10 gram, while silver spurt Rs 450 to Rs 49,900 per kg.

Gold and silver prices climbed in the national capital today on frantic buying by stockists and jewellery fabricators for the approaching Diwali festival amid firm global cues.

Gold prices gained Rs 170 to Rs 32,570 per ten gram, while silver spurted Rs 450 to Rs 49,900 per kg on increased offtake by jewellers and industrial units.

Bullion merchant said frantic buying by stockists and jewellery fabricators to meet upcoming festivals like Dhanteras and Diwali mainly led to rise in precious metal.

A firm global trend on speculation that the US Fed might maintain stimulus to boost economic growth also supported the sentiment, they said.

Gold in New York, which normally sets price trend on the domestic front, rose by 0.2 per cent to USD 1,352.50 an ounce, the highest since September 20.

On the domestic front, gold 99.9 and 99.5 per cent purity climbed Rs 170 each to Rs 32,570 and Rs 32,370 per ten gram, respectively, while sovereign held steady at Rs 25,300 per piece of eight gram.

Silver ready rose Rs 450 to Rs 49,900 per kg and weekly-based delivery by Rs 50 to Rs 49,700 per kg. Silver coins, however, remained flat at Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.

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