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Precious metals rise on seasonal demand, firm global cues

Nov 22 2012, 15:07 IST
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SummaryBoth gold and silver rose in the bullion market on fresh buying by stockists to meet the wedding season demand amid a firm global trend.

Both gold and silver rose in the bullion market here today on fresh buying by stockists to meet the wedding season demand amid a firm global trend.

While gold rose by Rs 50 to Rs 32,450 per 10 grams, silver gained Rs 250 to Rs 62,250 per kg.

Traders said increased offtake for the ongoing wedding season led to a rise in both the metals' prices.

A firming trend in the overseas market as central banks joined investors in adding to holdings before regional leaders meet today to resolve eurozone debt crisis also influenced the sentiment, they said.

In Singapore, gold rose by 0.2 per cent to USD 1,732.65 an ounce and silver by 0.3 per cent to USD 33.45 an ounce.

Back Home, gold of 99.9 and 99.5 per cent purity rose by Rs 50 each to Rs 32,450 and Rs 32,250 per 10 grams, respectively.

Sovereign remained steady at Rs 25,550 per piece of eight grams.

Silver ready moved up by Rs 250 to Rs 62,250 per kg and weekly-based delivery by Rs 440 to Rs 62,115 per kg.

Silver coins also spurted by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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