Gold Standard (.999) spot and futures prices (MCX) on Monday crossed the psychological level of Rs 10,000 per 10 gram following the strong overseas markets and expected good physical buying during the Diwali and marriage season in the fourth quarter of the current calendar year.
On Monday, gold standard (.999) spot price in Mumbai market was quoted at Rs 10,135 per 10 gram, up by Rs 95 per 10 gram over previous day. While silver (.999) spot also moved up by Rs 235 a kg to quote at Rs 19,210 per kg over the previous day.
On MCX platform, gold December 2007 contracts also crossed the Rs 10,000-mark and quoted at Rs 10,119 per 10 gram, up by Rs 100 over previous day on some speculative buying support.
?Gold demand for jewellery and coins in the physical market is currently low ahead of Diwali season. On the other hand, banks have enough supplies to sell in the physical market. In fact, there are few sellers of old (scrap) jewellery in the market as prices have reached recent highs,? Bhargav Vaidya, a leading gold analyst told FE.
Gold demand in India which is expected to be substantially higher this year would see some weakness as buying has been rather weak in the last one month, said Sahil Kapoor, Kotak Commodities.