Gold rallies as festive demand picks up

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Gold rallies as festive demand pick up

Gold prices rose by Rs 70 to Rs 32,620 per 10 gram Tuesday amid a pick-up in festive demand.

Silver, however, declined by Rs 260 to Rs 39,240 per kg due to tepid demand by industrial units.

Bullion traders said that due to the upcoming Diwali festival there has been a rise in gold coin demand.

In the international market, gold stood at USD 1,224.83 an ounce in New York.

In Delhi, gold of 99.99 and 99.5 percent purity rallied by Rs 70 each to Rs 32,620 and Rs 32,470 per 10 gram, respectively.

Last week on Thursday, gold prices traded at over six-year high of Rs 32,625 per 10 gram.

Meanwhile, sovereign gold Tuesday also rose by Rs 100 to Rs 24,900 per piece of eight gram.

On the other hand, silver ready prices went down by Rs 260 to Rs 39,240 per kg and silver weekly-based delivery by Rs 388 to Rs 38,345 per kg.

Silver coins, however, remained unchanged at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

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