Gold rises on marriage season demand

Gold rises on marriage season demand


New Delhi: Gold rose by Rs25 to Rs10,215 per 10 grams on the bullion market on 19 November on buying by retail customers for the ongoing marriage season.

The precious metal was also boosted by firming global trend as weak dollar and spiralling crude prices raised the demand for gold as a safe investment.

Marketmen said increased buying by jewellery fabricators and local parties to meet the ongoing marriage season demand and reports of firming trends in global markets pushed up prices.

Global trend which normally set a price band in domestic market, placed the metal higher at $790.60 an ounce against previous level of $789.90.

Standard gold and ornaments attracted fresh buying support and gained Rs25 each at Rs10,215 and Rs10,065 per 10 grams respectively. Sovereign followed suit and traded higher at Rs8,525 from Rs8,500 per piece of eight gram.

Silver also recorded fresh gains on better offtake by industrial users and coin makers.

Silver ready shot up by Rs70 at Rs19,050 a kg while weekly-based delivery rose by Rs110 at Rs19,060 a kilo.

Silver coins also met with heavy demand from coin makers and traded 00 higher at 24,900 for buying and 5,000 for selling of 100 coins.