Gold At Nearly 6-Year High Of Rs 32,650 On Festive Demand
Gold prices rallied for the second consecutive session today, rising by Rs 30 to touch a nearly six-year high of Rs 32,650 per 10 gram amid increased festive demand.
Silver, however, continued to remain weak and fell by Rs 40 to Rs 39,200 per kg due to tepid demand by industrial units.
Traders said sentiment remained positive on growing demand in the wake of the upcoming festival of Diwali. Globally, gold stood at $1,217.84 an ounce in New York.
In the Delhi bullion market, gold of 99.99 and 99.5 percent purity surged by Rs 30 each to Rs 32,650 and Rs 32,500 per 10 gram, respectively.
This is the highest level since November 29, 2012, when the precious metal had closed at Rs 32,940 per ten gram. Sovereign gold, however, remained unchanged at Rs 24,900 per piece of eight gram.
Last week on October 25, gold prices hit an over 6-year high of Rs 32,625 per 10 gram. In contrast, silver ready prices today fell by Rs 40 to Rs 39,200 per kg, while silver weekly-based delivery rose marginally by Rs 5 to Rs 38,350 per kg. Silver coins rates also increased to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
Domestic stocks overcame an early hiccup as benchmarks Sensex and Nifty gained nearly 2 percent in a session that was marked by high volatility.
The 30-share BSE index signed off October with a gain of 551 points, or 1.63 percent, at 34,442. The session was so choppy that the index saw a swing of as much as 876 points during the day.
The NSE Nifty shut shop at 10,386.60, up 188 points, or 1.85 percent. Both indices had moved into negative terrain early during the day, only to reverse losses after the government softened its stance amid its going tussle with RBI.