Gold prices edge up on wedding season buying
New Delhi: Gold prices rose by Rs25 to Rs30,550 per 10 grams at the bullion market on Tuesday on continued buying by local jewellers, triggered by the ongoing wedding season. However, a weak trend in global market, capped the gains. Silver followed suit and strengthened by Rs180 to Rs40,730 per kg due to increased offtake by industrial units and coin makers.
Bullion traders said increased buying by local jewellers to meet the ongoing wedding season demand at domestic spot market, mainly kept gold prices higher but a weak trend in the precious metals overseas, restricted the gains.
Globally, gold rates fell 0.49% to $1,271.70 an ounce and silver by 0.82% to $16.90 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity advanced by Rs25 each to Rs30,550 and Rs30,400 per 10 grams, respectively. The precious metal had gained Rs75 on Monday. Sovereign, however, remained flat at Rs24,700 per piece of eight grams.
Tracking gold, silver ready rose further by Rs180 to Rs40,730 per kg and weekly-based delivery by Rs170 to Rs39,800 per kg. Silver coins remained unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.