Gold, silver up on marriage season demand

New Delhi, Dec 10: Both gold and silver recovered on the bullion market here today on fresh buying by stockists and jewellers to meet the marriage season demand. While gold gained Rs 20 to reach Rs 29,330 per 10 grams, silver moved up by Rs 650 to Rs 56,150 per kg.

Traders said fresh buying by stockists and jewellers for the ongoing marriage season mainly led to the recovery in both the precious metals. A firming trend in the international markets, as the dollar's decline boosted the demand for the metals as an alternative asset, also bolstered the trading sentiment, they added.

Gold added USD 5.50 dollar to USD 1,711.30 an ounce and silver rose by 1.80 per cent to USD 32.23 an ounce in New York last night. Back home, gold of 99.9 and 99.5 per cent purity rose by Rs 20 each to Rs 29,330 and Rs 29,190 per 10 grams, respectively.

The metal had lost Rs 230 yesterday. Sovereigns remained steady at Rs 23,350 per piece of eight grams on restricted buying. In a similar fashion, silver ready spurted by Rs 650 to Rs 56,150 per kg and weekly-based delivery by Rs 505 to Rs 56,935 per kg. Silver coins rose by Rs 500 to Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.

PTI