Gold prices up Rs. 220; silver higher by Rs. 200
What's the story
Gold prices rose by Rs. 220 to Rs. 32,270 per 10 grams as upward trend continued unabated for the fourth straight week, backed by persistent buying by local jewelers to meet festive season demand coupled with positive global cues.
Silver after moving both ways on alternate bouts of buying and selling managed to end higher by Rs. 200 to Rs. 39,600 per kg.
Details
Rise in gold prices fuelled by ongoing festive season demand
Traders attributed the sustained rise in gold prices to increased buying by local jewelers, driven by ongoing festive season and a firming global trend.
The weakening rupee, making imports costlier, also fuelled the upside in gold prices.
Globally, gold ended the week higher at $1,227.50 an ounce and silver at $14.70 an ounce in New York against previous week's of $1,218.80 and $14.68, respectively.
Gold prices
Prices of gold of 99.9% and 99.5% purity
In Delhi, gold of 99.9% and 99.5% purity commenced the week higher at Rs. 32,250 and Rs. 32,020 per 10g, respectively, but slipped to a low of Rs. 32,180 and Rs. 32,020 for want of support.
Later, the precious metal bounced back on day-to-day buying and closed at Rs. 32,270 and Rs. 32,120 per 10g, respectively, showing a notable rise of Rs. 220 each.
Silver prices
Prices of silver ended higher by Rs. 200
Sovereign gold settled Rs. 100 higher at Rs. 24,700 per piece of 8g.
Meanwhile, silver ready after moving between Rs. 39,750/kg and Rs. 39,480/kg, finally ended the week higher by Rs. 200 to Rs. 39,600/kg but silver weekly-based delivery fell by Rs. 120 to Rs. 38,795/kg.
Silver coins were well maintained at Rs. 75,000 for buying and Rs. 76,000 for selling.