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04-14-2012, 09:53 AM #1
Gold prices back at 29,000-level after 6 weeks on wedding season demand
Gold prices regained the crucial level of Rs 29,000 per 10 gm after six weeks in New Delhi on Friday on brisk buying by stockists and retailers for the wedding season amid a firming global trend.
While gold rose Rs 210 to Rs 29,090 per 10 gm, a level last seen on February 29, silver spurted by Rs 800 to Rs 56,900 per kg.
Trading sentiment was bolstered as the yellow metal rose the most in a week in New York on speculation that the Federal Reserve may increase stimulus measures to boost the US economy.
Gold in global markets, which normally set price trend on the domestic front, rose 1.2 per cent to $1,680.60 an ounce, the biggest jump since March 26 and silver by 3.2 per cent to $32.52 an ounce in New York on Thursday night.
In addition, brisk buying by stockists and retailers for the ongoing marriage season further fuelled the upsurge in the precious metals.
Shifting of funds from weakening equity market to rising bullion was another encouraging factor.
On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 210 each to Rs 29,090 and Rs 28,950 per ten grams, respectively. However, sovereign held steady at Rs 23,550 per ten grams in scattered deals.
Similarly, silver ready spurted by Rs 800 to Rs 56,900 and weekly-based delivery by Rs 855 to Rs 57,035 per kg.
Silver coins, too, jumped up by Rs 2,000 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.