Gold, silver rise on positive global cues, strong demand

NEW DELHI, Dec 8: Taking positive leads from the global market amid firm demand from local jewellers, gold prices surged Rs 890 to Rs 32,350 per 10 grams at the bullion market during the week.

Similarly, silver climbed Rs 1,940 to Rs 38,500 per kg on higher demand from industrial units and coin makers.

Traders said a positive trend in the overseas market lifted gold prices here.

Globally, gold ended the week at USD 1,247.46 per ounce and silver at USD 14.62 an ounce in New York.

A considerable increase in demand from jewellers and retailers at the domestic spot market added to the momentum, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity started the week on a positive note. Except Tuesday and Friday, gold prices moved northwards through the week to end at Rs 32,350 and Rs 32,200 per 10 grams respectively, climbing Rs 890 each.

Sovereign ended at Rs 25,000 per piece of 8 grams, showing a rise of Rs 100.

In line with the overall trend, silver ready traded in the green zone and ended at Rs 38,500 per kg with an increase of Rs 1,940. Weekly-based delivery gained Rs 3,153 to close at Rs 38,500 per kg during the week.

Silver coins also gained Rs 1,000 to end at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces for the week. (PTI)


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