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Gold zooms by Rs 380 on wedding season demand, firm global cues

Source : PTI
Last Updated: Tue, May 14, 2013 10:31 hrs
​Gold not a good investment for now

New Delhi: Snapping a 3-day losing streak, gold prices on Tuesday surged by Rs 380 to Rs 27,900 per 10 grams here on brisk buying by stockists to meet the ongoing wedding season demand, amid a firm global trend.

However, silver held steady at Rs 45,500 per kg on lack of buying support from industrial units and coin makers.

Traders said buying activity in gold picked as stockists enlarged their positions for the rising wedding season demand.

They said a firming global trend, after 3 per cent drop in last three days in gold prices, and decline in dollar lured some buyers to purchase gold.

In Singapore, which normally sets the price trend on the domestic front, gold rose 1.1 per cent to USD 1,445.57 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 380 each to Rs 27,900 and Rs 27,700 per 10 grams, respectively. The yellow metal had lost Rs 330 in last three sessions. Sovereigns rose by Rs 100 to Rs 24,000 per piece of eight grams.

On the other hand, silver ready held steady at Rs 45,500 per kg, while weekly-based delivery shed Rs 50 to Rs 44,870 per kg. Silver coins remained steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.




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