Gold zooms by Rs 290 on wedding season demand

Nov 24 2012, 15:32 IST
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Continuing its upward rally for the third straight session, gold today rose by Rs 290 to Rs 32,850 per 10 grams. (Reuters) Continuing its upward rally for the third straight session, gold today rose by Rs 290 to Rs 32,850 per 10 grams. (Reuters)
SummaryContinuing its upward rally for the third straight session, gold today rose by Rs 290 to Rs 32,850 per 10 grams.

Continuing its upward rally for the third straight session, gold today rose by Rs 290 to Rs 32,850 per 10 grams on brisk buying by stockists and retailers for the ongoing wedding season amid a firming global trend.

After today's gain, the precious metal is just a tad away from record high level of Rs 32,900 it hit on September 14.

Silver followed suit and climbed by Rs 500 to Rs 63,000 per kg on increased demand from industrial units and coin manufacturers.

A firming global trend, which normally sets price trend on the domestic front here, topped the gold prices to USD 1,750 an ounce as weak dollar spurred demand for the precious metals as alternative investments also boosted the sentiment.

The dollar fell to a three-week low against a basket of major currencies as data showed German business confidence rose in November and speculation mounted that Europe's policy makers will agree to keep aid flowing to Greece.

Gold in New York rose by 1.3 per cent to USD 1,755 an ounce, the biggest gain since October 17. Silver jumped up by 2.3 per cent to USD 34.20 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 290 each to Rs 32,850 and Rs 32,650 per 10 grams, respectively, extending two days gains of Rs 160.

Sovereigns followed suit and added Rs 50 to Rs 25,650 per piece of eight grams.

In line with a general firming trend, silver ready advanced by Rs 500 to Rs 63,000 per kg and weekly-based delivery surged by Rs 1120 to Rs 63,520 per kg. The white metal had gained Rs 500 in the previous two session.

Silver coins also flared up by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces on account of rising wedding season demand.

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