Gold rises on on festival demand
New Delhi, Oct 12 (PTI) Gold prices spurted on the bullion market today on increased buying by stockists and jewellery makers with the beginning of the festival season and settled with a gain of Rs 40 at Rs 9,625 per ten gram.
Gold purchase picked on the first day of the Navratras, an auspicious week in Hindu mythology for buying new things, particularly precious metal jewellery.
A steep rise in overseas markets, which normally set price trend in domestic markets, also boosted the trading sentiment to some extent. Gold in London rose to 27-year-high levels after dollar fell against other leading currencies.
Silver also went up in line with gold on increased offtake from industrial users.
Marketmen said persistent buying by stockists and jewellery makers to meet on going 'Navratra' and marriage season and reports of firming trend in global markets mainly led to rise in gold prices.
Standard gold and ornaments remained in hectic demand and zoomed up to close higher by Rs 40 each at Rs 9,625 and Rs 9,475 per ten grams. Sovereign, however, remained flat at Rs 7,850 per piece of eight gram.
In similar fashion, silver ready notched up by Rs 100 at Rs 18,100 per kilo on increased offtake by jewellery fabricators while silver weekly-based delivery gained Rs 10 at Rs 18,200 a kilo.
Silver coins also posted higher by Rs 100 at Rs.24,100 for buying and Rs 24,200 for selling of 100 coins. PTI
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