Gold hits over 6yr-high of Rs. 32,625/10g on festive demand
What's the story
Gold prices rose by another Rs. 125 to trade at over six-year high of Rs. 32,625 per 10 grams today, buoyed by a pick-up in festive and wedding season demand by local jewelers amid firm global trends and weakening rupee.
Silver, however, remained weak and fell by Rs. 130 to Rs. 39,600 per kg due to slackened demand from industrial units.
Here's more.
Reasons
Firm global-trends, rupee fall, among reasons for high gold prices
Bullion traders said sentiments got a boost on firming trend in overseas where gold traded at over three-month high as the dollar eased.
The rupee-fall also added to investor sentiments.
Globally, gold was trading at $1,234.20/ounce in Singapore today.
Besides, a pick-up in buying by local-jewelers to meet seasonal demand at domestic spot markets and diversion of funds from falling equity markets also helped.
Prices
Here are details of gold prices in Delhi
In Delhi, gold of 99.99% and 99.5% purity rallied by Rs. 125 each to Rs. 32,625 and Rs. 32,475 per 10g respectively.
This is the highest level since November 29, 2012, when gold had closed at Rs. 32,940 per 10g.
This is the third straight session of gain for the yellow metal which has gained Rs. 405 since October 23.
Information
Silver saw fall in prices by Rs. 130
Sovereign gold, however, traded steady at Rs. 24,800 per piece of 8g. Meanwhile, silver ready extended its weakness by prices falling by another Rs. 130 to Rs. 39,600/kg. Silver coins, however, remained unaltered at Rs. 76,000 for buying and Rs. 77,000 for selling 100 pieces.