Gold gains Rs 30, silver Rs 400 on wedding season demand

Posted By: Pti
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New Delhi, Feb 8 (PTI) Both silver and gold prices roseon the bullion market today on brisk buying by stockists andjewellers to meet the ongoing marriage season demand amid firmglobal cues.

While silver surged by Rs 400 to Rs 45,300 per kg onincreased offtake by industrial units, gold gained Rs 30 to Rs20,370 per 10 grams.

Trading sentiment turned bullish as stockists andjewellery manufacturers enlarged their positions to meet theongoing marriage season demand.

A firm trend in the overseas markets, which normallysets the price trend on the domestic front, supported theupward march.

In global markets gold gained 0.4 per cent to USD1,356.35 an ounce.

Beside, shifting of funds from weak equities to risingbullion also bolstered the trading sentiment.

In the domestic market, silver ready advanced by Rs 400to Rs 45,300 per kg and weekly-based delivery by Rs 75 to Rs44,650 per kg.

It had gained Rs 100 in the previous session.

Silver coins also moved up by Rs 400 to Rs 49,200 forbuying and Rs 49,300 for selling of 100 pieces.

In line with a general firm trend, gold of 99.9 and 99.5per cent purity rose by Rs 30 each to Rs 20,370 and Rs 20,250per 10 grams, respectively. Sovereign traded higher by Rs 50to Rs 16,850 per piece of eight grams.

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