Wedding season buying keeps gold prices firm

Globally, gold rose 0.21 per cent to trade at almost a 3-week high of USD 1,283.50 an ounce in New York on Thursday amid uncertainty over US tax reforms.

New Delhi: Gold prices went up Rs 80 to Rs 30,530 per 10 grams on Friday, comforted by a positive global trend, along with increased buying by local jewellers to meet ongoing wedding season demand.

In contrast, silver slumped Rs 125 to Rs 40,575 per kg, driven down by reduced demand from industrial units.

Apart from the firm trend overseas, traders said, local gold jewellers intensified their buying at the domestic spot market, which mainly led to the rise in prices.

Globally, gold rose 0.21 per cent to trade at almost a 3-week high of USD 1,283.50 an ounce in New York yesterday amid uncertainty over US tax reforms.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity moved up by Rs 80 each to Rs 30,530 and Rs 30,380 per 10 grams, respectively.

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

Silver declined by Rs 125 to Rs 40,575 per kg and weekly-based delivery by Rs 110 to Rs 39,660.

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