New Delhi: Both the precious metals, gold and silver, strengthened on the bullion market on 16 March on steady inflow of buying by stockists along with a firming overseas trend and closed with good gains.
Trading activity picked up in both gold and silver as stockists and retailers increased buying to meet the coming demand for ‘Navratra’.
Marketmen said increased buying by stockists and local parties in line with firming global markets mainly led to a rise in gold and silver prices.
Gold in Asian markets was quoted higher at $649.60 an ounce.
Standard gold and ornaments remained in demand and advanced further by Rs25 each at Rs9,370 and Rs9,220 per ten grams respectively. Sovereign, followed suit and gained the same margin at Rs7,825 a piece of eight grams.
A similar trading pattern was noticed in silver as silver ready prices rose by Rs110 at Rs19,360 a kilo. However, silver weekly-based delivery lost Rs25 at Rs 19,425. Silver coins fell by Rs100 at Rs23,700 for buying and Rs23,800 for selling of 100 pieces.