Gold continues upward march on global cues

Gold continues upward march on global cues

New Delhi: Gold prices rose further on the bullion market on 18 September on aggressive selling by stockists and jewellery fabricators amid reports of a firm global trend, closing with a gain of Rs20 at Rs9470 per 10 gram.

Trading sentiment turned bullish on reports that the precious metal climbed to 16-month high in overseas markets as investor’s demand picked up on expectation that US Fed Reserve might cut rates.

The dollar-prices metals mostly move in opposite directions and react immediately on any development in the forex market.

Approaching festive and marriage seasons also triggered buying among jewellery fabricators and silver coins manufacturers.

Standard gold and ornaments gained by Rs20 each at Rs9470 and Rs9320 per 10 gram respectively. Sovereign, on the other hand remained unaltered at Rs7750 per piece of eight gram.

Silver ready shot up by Rs150 at Rs17,400 per kilo and weekly-based delivery by Rs230 at Rs17,800 per kilo. Silver coins continued to be asked at previous levels of Rs23,800 for buying and Rs23,900 for selling of 100 pieces.