Gold, silver rise on wedding season demand
New Delhi: Both the precious metals, gold and silver, on Monday rose on increased buying by stockists and retailers for the ongoing marriage season, amid a firming trend in the Asian region.
While gold added Rs 110 to Rs 28,500 per 10 grams, silver recovered by Rs 300 to Rs 56,500 per kg on increased offtake by industrial units and jewellery manufacturers.
The trading sentiment bolstered as gold climbed for a third day in Asia after worse-than-forecast data on US jobs boosted the outlook for bullion's demand.
In Singapore, gold advanced by 0.8 per cent to a one-week high of USD 1,648.80 an ounce.
In addition, increased buying by stockists and retailers to meet the ongoing wedding season demand further supported the uptrend in both gold and silver prices.
On the domestic front, gold of 99.9 and 99.5 per cent purity added Rs 110 each to Rs 28,500 and Rs 28,360 per 10 grams, respectively, while sovereigns remained steady at Rs 23,400 per piece of eight grams.
In line with a general firming trend, silver ready recovered by Rs 300 to Rs 56,500 per kg and weekly-based delivery by Rs 200 to Rs 57,400 per kg. The metal had lost Rs 300 in the previous session.
In the other hand, silver coins held steady at Rs 66,000 for buying and Rs 67,000 for selling of 100 pieces.
Bullion markets across the country were closed for 21 days in protest against the budgetary proposal of doubling the customs duty on gold imports to 4 per cent and 1 per cent excise duty levy on non-branded jewellery.
The markets only opened on Saturday after meeting UPA Chairperson Sonia Gandhi and Finance Minister Pranab Mukherjee assured bullion traders and jewellers on Friday that their demand for rollback of excise duty on unbranded jewellery would be considered.