Gold rises on firm global cues; silver softens

Gold rises on firm global cues; silver softens


New Delhi: Gold rose on the bullion market on 11 October on buying by stockists triggered by reports of firming trend in global markets and recorded a gain of Rs30 at Rs9,585 per 10 gram.

Trading sentiment also picked up as jewellers bought heavily to meet the demand in the festival and marriage season beginning tomorrow. However, silver eased on lack of support.

Marketmen said increased buying by stockists and jewellery fabricators to meet ensuing festival and wedding season demand and the continued rise in prices in the global markets mainly pushed up gold prices.

Global trend which normally sets a price band in domestic gold market rose by $3.65 to $744.74 an ounce and silver advanced 10 cents to $13.655 an ounce also enthused the market sentiment.

Standard gold and ornaments remained in demand and advanced by Rs30 each at Rs9,585 and Rs9,435 per ten grams.Sovereign followed suit and gained another Rs25 at Rs7,850 per piece of eight gram.

But silver weekly-based delivery lacked necessary buying support and lost Rs60 at Rs18,190 a kilo while silver ready ruled flat at Rs18,000.

On the other hand, silver coins quoted Rs100 higher at Rs24,000 for buying and Rs24,100 for selling of 100 coins on increased offtake from coins makers ahead of festive season.