India: Gold prices continue to rise ahead of festive season

India: Gold prices continue to rise ahead of festive season

New Delhi, Nov 27: Gold prices continued to rise on the bullion market today on sustained buying by stockists, influenced by a rising overseas trend and closed higher by Rs 10 at Rs 9,390 per ten grams.

The precious metal registered a gain of Rs 205 per ten grams in the last seven trading sessions, on constant buying by traders to meet the coming festival demand of Christmas and New Year, besides the approaching marriage season.

Gold in international markets rose for the seventh straight day as the dollar had its longest slide against the euro in seven months, boosting the precious metal’s appeal as an alternative investment.

Marketmen said the precious metals — gold and silver, continued to rise during the past week on sustained buying by stockists in line with a firm overseas trend.

Standard gold and ornaments gained Rs 10 each at Rs 9,390 and Rs 9,240 per ten grams respectively. Sovereign also moved up by Rs 50 at Rs 7,750 per piece of eight grams.

Silver ready rose by Rs 150 at Rs 19,750 per kilo and weekly-based delivery by Rs 30 at Rs 19,960 per kilo on speculative buying support. Silver coins were unaltered at Rs 23,000 for buying and Rs 23,100 for selling of 100 pieces.


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