Gold prices on Thursday crossed the
coveted Rs 32,000-mark for the first time in New Delhi, driven by increased buying by stockists ahead of
the marriage season amid a firming global trend.
The precious metal gained Rs 320 to Rs 32,300 per 10 grams. Gold prices have jumped Rs 1,555 per 10 grams in the last two weeks.
Bullion merchants said the trading sentiment also bolstered as gold climbed in international markets on speculation that the European Central Bank will announce
unlimited purchases of government bonds to defuse the
Eurozone debt crisis.
This could have helped increase demand for bullion as an alternate investment.
Gold is likely to scale greater heights in the coming days, they added.
"Gold is on upward march and
likely to touch new peaks in the coming days for festivals...," All India Sarafa Association General Secretary Surender Jain said, adding that a firming global trend and weak rupee will make imports of the metal costlier.
FROM THE MAGAZINE: All you need to know before buying goldIndia is mainly dependent on imports for the precious metal, thus the global bullion trend sets the price trend in the country.
In London, gold rose by 0.96 per cent to $1,709.70 an ounce and silver by 1.8 per cent to $32.85 an ounce, the highest level since April 4 this year.
Following the general firming trend, silver gained Rs 1,100 to Rs 61,100 per kg on rising demand among industrial units and coin-makers.
FROM THE MAGAZINE: Tired of investing in gold? Try platinum On the domestic front, gold of
99.9 and 99.5 per cent purity spurted by Rs 320 each to Rs 32,300 and Rs 32,100 per 10 grams, respectively. Sovereigns followed suit and shot up by Rs 200 to Rs 25,250 per piece of eight grams.
Silver ready spurted by Rs 1,100 to Rs 61,100 per kg and weekly-based delivery by Rs 1395 to Rs 63,345 per kg. Silver coins shot up by Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
with inputs from PTI
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