Gold rises to Rs. 31,150 per 10 gm on firm global cues, wedding season demand

New Delhi-Inidia (Nov 6)  Gold prices rose for the fifth session in a row, by gaining Rs. 100 to Rs. 31,150 per ten gram today, supported by a firm global trend and wedding season demand from jewellers.

Silver also retook the Rs. 44,000-level by rising Rs. 350 to Rs. 44,050 per kg following a uptick in demand from coin makers and industrial units.

Bullion traders said the sentiment remained bullish backed by a firm global trend amid sustained buying by jewellers at the domestic spot market, driven by ongoing wedding season.

Globally, gold rose 0.14 per cent to $1,304.00 an ounce and silver 0.44 per cent to $18.41 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by another Rs. 100 each to Rs. 31,150 and Rs. 31,000 per 10 grams, respectively. The precious metal had gained Rs. 400 in the previous four sessions.

Sovereign, however, remained unaltered at Rs. 24,600 per piece of eight grams in limited deals.

Tracking gold, silver ready also surged by Rs. 350 to Rs. 44,050 per kg and weekly-based delivery by Rs. 270 to Rs. 43,395 per kg.

Silver coins too jumped Rs. 1,000 to Rs. 76,000 for buying and Rs. 77,000 for selling of 100 pieces.

Source: BusinessLine