Gold rate advances by Rs 100 due to festive buying

Silver also made headway and spurted by Rs 500 to Rs 40,600 per kg on increased off-take by industrial units and coin makers.

New Delhi, October 7: Owing to festive season buying by jewellers in the domestic spot market, supported by global cues, gold prices advanced further by Rs 100 to Rs 30,550 per 10 grams on Saturday.

Silver also made headway and spurted by Rs 500 to Rs 40,600 per kg on increased off-take by industrial units and coin makers.

Traders said that apart from a firming global trend, increased buying by jewellers at the domestic spot market to meet festive season demand mainly kept gold prices higher.

Globally, gold traded higher at USD 1,276.10 an ounce in New York yesterday. Silver too edged up to USD 16.81 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity added another Rs 100 each to Rs 30,550 and Rs 30,400 per 10 grams, respectively. It had gained Rs 75 yesterday.

Sovereign, however, remained unchanged at Rs 24,700 per piece of eight grams.

In line with overall trend, silver ready traded sharply higher by Rs 500 to Rs 40,600 per kg and weekly-based delivery gathered Rs 460 to Rs 39,600 per kg.

Silver coins remained flat Rs 75,000 for selling of 100 pieces and Rs 74,000 for buying.

PTI