Gold prices up on festive season buying, global cues

Gold prices spurted Rs 130 to Rs 32,780 per 10 gram at the bullion market Thursday on persistent buying by local jewellers to meet festive season demand amid a firm trend overseas.

Silver, however, remained subdued and lost another Rs 90 at Rs 39,110 per kg, due to reduced offtake by industrial units.

Traders said, continued buying by local jewellers ahead of auspicious “Dhanteras” and “Diwali” festival and positive leads from the global market mainly kept the precious metal prices elevated.

Globally, gold rose 0.82 per cent to USD 1,225.10 an ounce in Singapore. Silver, too, was trading up by 1.16 per cent to USD 14.48 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 130 each to Rs 32,780 and Rs 32,630 per 10 gram, respectively. The yellow metal had gained Rs 100 in the previous two days.

Sovereign gold, however, held unchanged at Rs 24,900 per piece of 8 gram.

On the other hand, silver ready continued to show weakness and shed another Rs 90 at Rs 39,110 per kg and silver weekly-based delivery fell by Rs 222 to Rs 38,128 per kg.

Silver coins, however, ruled flat at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.