Gold scales 18-week high on global cues, festival demand

Gold scales 18-week high on global cues, festival demand


New Delhi: Gold prices zoomed to over an 18-week high on the bullion market on 12 September on buying by stockists triggered by firm overseas trend and closed with a gain of Rs100 at Rs9,500 per ten gram.

Buying activity gathered momentum following reports of the precious metal rising in global markets on weakening dollar against leading currencies.

Marketmen said the market was already in firm as buying by stockists and retailers for the forth coming festival season, and reports of gold rising in London market worked as a shot in the arm.

The gold was higher by nearly $10 in the New York markets last evening and extended gains in the morning session at London.

In London, gold for immediate delivery gained 1.90 dollar at 714.40 dollars an ounce while silver dropped 2.5 cents at 12.66 dollar an ounce.

They said the trading sentiment were bullish as stockists are also enlarging their positions to meet the coming festival demand.

Standard gold and ornaments shot up by Rs100 each at Rs.9,500 and Rs9,350 per 10 gram respectively. Sovereign too climbed by Rs125 at Rs7,775 per piece of eight gram.

Silver ready rose Rs200 at Rs17,450 a kilo while weekly-based delivery lost Rs160 at Rs17,440. Silver coins, on the other hand, maintained overnight closing levels on some support at Rs23,700 for buying and Rs23,800 for selling of 100 pieces.