Gold extends gains on global cues, wedding season buying

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New Delhi: Gold prices went up by INR 75 to INR 30,625 per ten grams at the bullion market Thursday maintaining its upward march for the third straight day on the back of positive global cues.

Besides, increased buying by local jewellers to meet the ongoing wedding season demand, helped the upswing.However, silver receded by INR 5 to INR 40,725 per kg due to reduced offtake by industrial units and coin makers.

Marketmen said, besides firm trend overseas as investors awaited the October consumer inflation data from the US for potential hints on the Federal Reserve’s monetary tightening policy, increased offtake by local jewellers to meet ongoing wedding season at the domestic spot market, kept gold prices higher.

Globally, gold rose 0.16 per cent to USD 1,281.80 an ounce and silver by 0.21 per cent to USD 17.04 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity added INR 75 each to INR 30,625 and INR 30,475 per ten grams, respectively. It had gained Rs 100 in the previous two sessions.

Sovereign, however, remained unaltered at INR 24,700 per piece of eight grams.

On the other hand, silver ready eased by INR 5 to INR 40,725 per kg and weekly-based delivery went down by INR 15 to INR 39,785 per kg.

Silver coins remained unaltered at INR 74,000 for buying and INR 75,000 for selling of 100 pieces.