Gold Rallies For Third Day; up by
40 on Seasonal Demand
By
siliconindia | Wednesday, November 30, 2011
New Delhi: Gold extended gains for the third straight day by adding
40 to
29,220 per 10 grams today, on sustained buying by stockists for the ongoing marriage season amid firming global trend.
However, silver lacked necessary follow up support at existing higher levels and declined by
150 to
55,750 per kg.
Gold remained in demand among jewellers and stockists to meet the ongoing heavy marriage season demand and maintained the uptrend in the third straight session.
Buying activity also picked up as gold rose the most in two weeks in global markets as a weaker dollar accelerated demand for the yellow metal as an alternative investment.
Gold in global markets, which normally sets the price trend on the domestic front, shot up by $29.60 to $1,709.90 an ounce in New York last night.
On the domestic front, gold of 99.9 and 99.5 percent purity added another
40 each to
29,220 and
29,080 per 10 grams, respectively. The metal had gained Rs 290 in last two trading sessions. Sovereigns remained flat at
23,300 per piece of eight grams.
On the other hand, silver ready fell by
150 to
55,750 per kg, while weekly-based delivery inched up by
45 to
55,045 per kg on speculative support.
Silver coins continued to be asked around previous level of
62,000 for buying and
63,000 for selling of 100 pieces.
40 to
29,220 per 10 grams today, on sustained buying by stockists for the ongoing marriage season amid firming global trend.
However, silver lacked necessary follow up support at existing higher levels and declined by
150 to
55,750 per kg.
Gold remained in demand among jewellers and stockists to meet the ongoing heavy marriage season demand and maintained the uptrend in the third straight session.
Buying activity also picked up as gold rose the most in two weeks in global markets as a weaker dollar accelerated demand for the yellow metal as an alternative investment.
Gold in global markets, which normally sets the price trend on the domestic front, shot up by $29.60 to $1,709.90 an ounce in New York last night.
On the domestic front, gold of 99.9 and 99.5 percent purity added another
40 each to
29,220 and
29,080 per 10 grams, respectively. The metal had gained Rs 290 in last two trading sessions. Sovereigns remained flat at
23,300 per piece of eight grams.
On the other hand, silver ready fell by
150 to
55,750 per kg, while weekly-based delivery inched up by
45 to
55,045 per kg on speculative support.
Silver coins continued to be asked around previous level of
62,000 for buying and
63,000 for selling of 100 pieces.
