Gold, silver prices recover due to festive season

PTI Posted online: Saturday, Oct 19, 2013 at 0000 hrs
Both gold and silver prices gained in the bullion market during the past week on increased buying by stockists and retailers for the festive and marriage season amid a firm global trend.

Traders said increased buying by stockists and retailers for the festive and marriage season against tight supplies amid a firm global trend mainly led to rise in gold and silver prices.

Gold in New York, which normally set price trend on the domestic front, rose to USD 1,328.90, the highest since October 8.

In the national capital, gold of 99.9 and 99.5 per cent purity commenced higher at Rs 30,775 and Rs 30,575 per ten grams on increased buying by stockists and retailers on the back of a firm global trend but slipped to Rs 30,550 and Rs 30,350 per ten grams.

Thereafter, prices recovered to close at Rs 31,650 and Rs 31,450 per ten grams, respectively on stockists and retailers buying to meet the festive and marriage season demand, showing handsome gains of Rs 1,450 each.

Sovereign also ended higher by Rs 200 to Rs 25,200 per piece of eight grams.

Silver ready resumed higher at Rs 47,570 per kg and rose further to Rs 48,800 per kg before ending at Rs 48,500 per kg, recording a gain of Rs 1,610. Similarly, silver weekly-based delivery ended higher by Rs 1,010 to Rs 48,200 per kg.

Silver coins also spurted by Rs 2,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.