Gold tops Rs 32,000-mark amid festive demand

Mumbai, Oct 3: Gold prices surged by Rs. 555 to touch Rs. 32,030 per 10 grams at the bullion market on Wednesday at the bullion market as fresh buying by local jewellers ahead of the festive season push up prices.

Positive global cues also supported the price move, said traders. Prices of the yellow metal surged by Rs 555 to reach Rs 32,030 per 10 gram, news agency Press Trust of India reported.

Traders said ahead of Diwali and Dhanteras next month, jewellers are building up inventory. Also, globally sentiments for gold improved after US and Canada reached an agreement to salvage a North American free trade deal.

Gold prices surge

In Delhi, gold of 99.9 per cent and 99.5 per cent purity soared by Rs 555 each to Rs 32,030 and Rs 31,880 per 10 gram, respectively. The precious metal had lost Rs 150 in the previous session on Monday. Yesterday the bullion market was closed on the occasion of Gandhi Jayanti.

Silver rates inch higher

Silver too went past the Rs. 39,000-per kg mark on increased offtake by industrial units and coin makers.

Sentiment turned upbeat on positive global cues, as demand picked up after the US and Canada reached an agreement to salvage a North American free trade deal, said traders.
In line with overall trend, silver ready gained Rs. 450 to Rs. 39,400 per kg and weekly-based delivery rose by Rs. 460 to Rs. 38,980 per kg.

Silver coins, however, were unaltered at Rs. 73,000 for buying and Rs. 74,000 for selling of 100 pieces.

Rupee falls

Further, the Indian rupee fell to a record low of 73.41 against the US dollar making gold costlier in rupee terms. It may be noted that domestic gold prices depend on international gold rates, rupee-dollar exchange rate and import duty. In Singapore, gold rallied 0.32 per cent to USD 1,207.60 an ounce.