Gold prices rise on wedding season demand
New Delhi: Gold prices rose by Rs80 to Rs30,530 per 10 grams on Friday, comforted by a positive global trend, along with increased buying by local jewellers to meet ongoing wedding season demand. In contrast, silver slumped Rs125 to Rs40,575 per kg, driven down by reduced demand from industrial units.
Apart from the firm trend overseas, traders said, local gold jewellers intensified their buying at the domestic spot market, which mainly led to the rise in prices. Globally, gold rate rose 0.21% to trade at almost a 3-week high of $1,283.50 an ounce in New York on Thursday amid uncertainty over US tax reforms.
In the national capital, gold of 99.9% and 99.5% purity moved up by Rs80 each to Rs30,530 and Rs30,380 per 10 grams, respectively. Sovereign, however, remained steady at Rs24,700 per piece of eight grams.
Silver declined by Rs125 to Rs40,575 per kg and weekly-based delivery by Rs110 to Rs39,660. Silver coins, however, remained flat at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.