Gold price touches nearly 6-year high

Business

31 Oct 2018

Gold strikes at Rs. 32,650/10g, touches nearly six-year high

Gold prices rallied for the second consecutive session today, rising by Rs. 30 to touch a nearly six-year high of Rs. 32,650/10g amid increased festive demand.

Silver, however, continued to remain weak and fell by Rs. 40 to Rs. 39,200/kg due to tepid demand by industrial units.

Traders said sentiment remained positive on growing demand in the wake of the upcoming festival of Diwali.

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Highest since November 2012 when gold was at Rs. 32,940/10g

Highest since November 2012 when gold was at Rs. 32,940/10g

Globally, gold stood at $1,217.84 an ounce in New York.

In the Delhi bullion market, gold of 99.995 and 99.5% purity surged by Rs. 30 each to Rs. 32,650 and Rs. 32,500/10g, respectively.

This is the highest level since November 29, 2012, when the precious metal had closed at Rs. 32,940/10g.

Sovereign gold, however, remained unchanged at Rs. 24,900 per piece of 8 gram.

In contrast, silver fell by Rs. 40 to Rs. 39,200/kg

In contrast to gold, silver ready prices today fell by Rs. 40 to Rs. 39,200/kg, while silver weekly-based delivery rose marginally by Rs. 5 to Rs. 38,350/kg. Silver coins rates also increased to Rs. 76,000 for buying and Rs. 77,000 for selling of 100 pieces.

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