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Gold recovers as wedding season demand picks up

Source : PTI
Last Updated: Tue, May 13, 2014 10:48 hrs
An employee arranges gold jewellery in the counter as her arm is reflected in the mirror at a gold shop in Wuhan

After two days of losses, gold prices on Tuesday moved up by Rs 60 to Rs 30,300 per ten grams in the national capital on emergence of demand from retailers for ongoing wedding even as the metal weakened overseas.

Silver maintained its rising trend and advanced by Rs 350 to Rs 42,250 per kg on increased offtake by coin makers.

Traders attributed the rise in the precious metal prices to emergence of buying at prevailing levels by stockists and retailers to meet the ongoing marriage season demand.

They said, however, a weak global trend where gold fell to over one week low as investors weighed the dollar's strength against escalating tension in Ukraine restricted the rise.

Gold in Singapore, which normally sets price trend on the domestic front, eased by 0.4 per cent to USD 1,290.44 an ounce and silver by 0.6 per cent to USD 19.42 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity traded by Rs 60 each higher at Rs 30,300 and Rs 30,100 per ten gram, respectively. It had lost Rs 240 in last two days.

Sovereign, held steady at Rs 25,100 per piece of eight gram.

Silver ready rose further by Rs 350 to Rs 42,250 per kg and weekly-based delivery by Rs 280 to Rs 41,880 per kg. The white metal had gained Rs 200 yesterday.

Silver coins spurted by Rs 1,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

Gold rates in india



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