Gold prices rise to six-year high on festival season demand
1 min read . Updated: 03 Nov 2018, 05:34 PM ISTBullion traders said persistent buying by ornament makers, triggered by upcoming festival and wedding season demand lifted gold prices
New Delhi: Gold strengthened for the sixth straight week and gathered further grounds to hit an almost six-year high of ₹ 32,780 and ended at ₹ 32,650 per 10 gram at the bullion market, amid pick-up in buying activity ahead of Diwali.
Silver, however, lacked necessary buying support and shed some grounds.
Bullion traders said persistent buying by ornament makers, triggered by upcoming festival and wedding season demand lifted gold prices to an almost six-year high of ₹ 32,780 per 10 gram.
Globally, gold after moving both ways, ended the week a shade lower at $1,233.20 an ounce, against previous week’s $1,233.80. Silver, too, ended almost flat at $14.82 an ounce.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity commenced the week steady at ₹ 32,550 and ₹ 32,400 per 10 gram, respectively, on scattered support.
Later, on pick-up in buying activity, driven by upcoming festivals, it surged to trade at a near six-year high of ₹ 32,780 and ₹ 32,630 per 10 gram, before finally settling higher by ₹ 100 each at ₹ 32,650 and ₹ 32,500, respectively. This is the highest level since 29 November 2012, when the precious metal had closed at ₹ 32,940.
In contrast, silver ready, after shuttling both ways on alternate bouts of buying and selling, finally ended the week at ₹ 39,530 per kg, down ₹ 70. Silver weekly-based delivery, however, managed to close higher by ₹ 110 at ₹ 38,820 per kg on speculative activity.
On the other hand, silver coins strengthened by ₹ 1,000 to ₹ 76,000 for buying and ₹ 77,000 for selling of 100 pieces on increased demand ahead of Diwali.
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