India: Gold prices surge on seasonal buying
Gold prices surged on the bullion market on Wednesday on brisk buying by stockiests to meet ongoing marriage season demand coupled with firm international trend, and closed with further gain of Rs 60 at Rs 9310 per 10 gram.
Trading activities boosted following reports of a rise in gold prices in international markets, which normally set prices in domestic markets here.
Traders said the gold prices rose two per cent on Tuesday in New York, the highest since December 5.
The market remained in bullish mood in last four straight sessions due to a heavy rush of marriage season and gathered Rs 160 per 10 gram.
A similar firmness was noticed in silver, as ready stock was available at Rs.225 higher at Rs.19,500 per kilo. Silver weekly-based delivery was also higher by Rs.100 at Rs.19,610 per kilo on speculative support.
Silver coins also rose by Rs.200 at Rs.23,7000 for buying and Rs.23,800 for selling of 100 pieces.
Standard gold and ornaments gained further by Rs.60 each at Rs.9310 and Rs.9160 per 10 gram respectively. Sovereign gained Rs.25 at Rs.7700 per piece of eight gram.