Gold at nearly 6-yr high of Rs 32,650 on festive demand

Gold prices rallied for the second consecutive session Wednesday, rising by Rs 30 to touch a nearly six-year high of Rs 32,650 per 10 gram amid increased festive demand.

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Silver, however, continued to remain weak and fell by Rs 40 to Rs 39,200 per kg due to tepid demand by industrial units.

Traders said sentiment remained positive on growing demand in the wake of the upcoming festival of Diwali.

Globally, gold stood at USD 1,217.84 an ounce in New York.

In the Delhi bullion market, gold of 99.99 and 99.5 per cent purity surged by Rs 30 each to Rs 32,650 and Rs 32,500 per 10 gram, respectively.

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This is the highest level since November 29, 2012, when the precious metal had closed at Rs 32,940 per ten gram.

Sovereign gold, however, remained unchanged at Rs 24,900 per piece of eight gram.

Last week on October 25, gold prices hit an over 6-year high of Rs 32,625 per 10 gram.

In contrast, silver ready prices Wednesday fell by Rs 40 to Rs 39,200 per kg, while silver weekly-based delivery rose marginally by Rs 5 to Rs 38,350 per kg.

Silver coins rates also increased to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.