Gold gains Rs 125; silver Rs 360 on seasonal demand

Last Updated: Mon, Oct 29, 2012 10:01 hrs

Both gold and silver rose for the second day in a row in the bullion market here today on continued buying by stockists and retailers to meet the festival and wedding season demand.

While gold added Rs 125 to Rs 31,550 per 10 grams, silver gained Rs 360 to Rs 60,000 per kg.

Traders said besides buying for festival and wedding season, a firming trend overseas where gold rose after data showed retail sales in Japan increased less than forecast last month, boosting demand for the metals as the best investment.

In Singapore, gold climbed 0.3 per cent to USD 1,716.05 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity rose by Rs 125 each to Rs 31,550 and Rs 31,350 per 10 grams, respectively. The metal had gained Rs 225 in the previous trading session.

Sovereign rose by Rs 50 to Rs 25,500 per piece of eight grams.

Likewise, silver ready rose by Rs 360 to Rs 60,000 per kg, while weekly-based delivery lost Rs 140 to Rs 59,660 per kg on lack of speculators support.

Silver coins jumped by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces on surge in demand ahead of festive and wedding season.

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