Gold rises Rs 30 on festive buying, firm global cues

BULLION-REPORT

New Delhi, Aug 17 (PTI) Gold maintained its upward march
for the sixth consecutive session in the national capital
Tuesday, adding Rs 30 to Rs 18,900 per ten grams as stockists
and jewellers augmented their holdings to meet festive demand
amid a firming global trend.
The trading sentiment remained bullish after gold rose to
nearly a six-week high in overseas markets as signs of a
slowdown in the global economic recovery prompted investors to
shift their funds to safer havens.
Gold in global markets, which normally sets the price
trend on the domestic front, rose to USD 1,227.65 an ounce,
its highest level since July 1.
Heavy buying by stockists and jewellers to meet festive
demand further fuelled the uptrend in domestic markets.
Gold of 99.9 per cent and 99.5 per cent purity added Rs
30 each to Rs 18,900 and Rs 18,800 per ten grams,
respectively. In the last five trading sessions, gold has
gained Rs 505 per ten grams.
However, sovereigns were being traded at the previous
level of Rs 14,800 per piece of eight grams in limited deals.
In line with the general firming trend, silver ready rose
further by Rs 285 to Rs 29,750 per kg on increased offtake by
industrial units and coin-makers. Weekly-based delivery also
gained Rs 275 to Rs 29,435 per kg.
The price of silver coins also jumped by Rs 200 to Rs
34,700 for buying and Rs 34,800 for selling of 100 pieces. PTI
RS
RDM


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