Festive Demand Pushes Up Gold by Rs. 30, Silver by Rs. 200
Thursday, 27 October 2011, 17:36 IST
By PTI
By PTI
New Delhi: On the eve of Diwali, both the precious metals gold and silver, rose further today on sustained buying by retail customers and jewellers, amid a firming global trend.
While gold added Rs 30 to Rs. 27,160 per 10 grams, silver rose by Rs. 200 to Rs. 53,700 per kg as buying activity gathered momentum for ''Diwali'', followed by ''Dhanteras'' yesterday.
Precious metals normally register maximum sales on these two festivals, considered to be auspicous occasions for making token purchases in Hindu mythology.
In addition, the sentiment firmed up after gold gained in in overseas markets as concerns about deepening eurozone sovereign debt crisis spur demand for the metal as a protection of wealth.
Gold in overseas markets, which normally set price trend on the domestic front, gained $5.50 to $1,658.97 an ounce and silver by 0.2 percent to $31.81 an ounce in London.
Silver coins, mostly used for ''Laksmi Puja'' and gifting purposes during Dhanteras, Diwali and Bhaidooj, also surged by Rs. 1,000 to Rs. 63,000 for buying and Rs. 64,000 for selling of 100 pieces.
On the domestic front, gold of 99.9 and 99.5 percent purity added Rs 30 each to Rs. 27,160 and Rs. 27,020 per 10 grams, while sovereigns ended flat at Rs. 22,000 per piece of eight grams.
Similarly, silver ready strengthened by Rs. 200 to Rs. 53,700 per kg and weekly-based delivery by Rs. 20 to Rs. 53,300 per kg, respectively
While gold added Rs 30 to Rs. 27,160 per 10 grams, silver rose by Rs. 200 to Rs. 53,700 per kg as buying activity gathered momentum for ''Diwali'', followed by ''Dhanteras'' yesterday.
Precious metals normally register maximum sales on these two festivals, considered to be auspicous occasions for making token purchases in Hindu mythology.
In addition, the sentiment firmed up after gold gained in in overseas markets as concerns about deepening eurozone sovereign debt crisis spur demand for the metal as a protection of wealth.
Gold in overseas markets, which normally set price trend on the domestic front, gained $5.50 to $1,658.97 an ounce and silver by 0.2 percent to $31.81 an ounce in London.
Silver coins, mostly used for ''Laksmi Puja'' and gifting purposes during Dhanteras, Diwali and Bhaidooj, also surged by Rs. 1,000 to Rs. 63,000 for buying and Rs. 64,000 for selling of 100 pieces.
On the domestic front, gold of 99.9 and 99.5 percent purity added Rs 30 each to Rs. 27,160 and Rs. 27,020 per 10 grams, while sovereigns ended flat at Rs. 22,000 per piece of eight grams.
Similarly, silver ready strengthened by Rs. 200 to Rs. 53,700 per kg and weekly-based delivery by Rs. 20 to Rs. 53,300 per kg, respectively
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