Gold up Rs 110 on wedding season buying

Gold is trading at Rs 32,800 per 10 grams on increased buying by jewellers to meet marriage season demand.

New Delhi: Gold rose for the third straight session Wednesday, gaining Rs 110 to Rs 32,800 per 10 grams on increased buying by jewellers to meet marriage season demand.

Silver prices also spurted by Rs 300 to Rs 40,100 per kg on fresh buying by industrial units and coin makers.

Marketmen said, sentiment was upbeat largely supported by continued buying by local jewellers to meet wedding season demand. However, global cues were negative that limited the rise in the precious metal prices, they said.

Globally, gold traded lower at USD 1,283.20 an ounce and silver fell 0.26 per cent at USD 15.67 an ounce in New York on Wednesday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities rose Rs 110 each to Rs 32,800 and Rs 32,650 per 10 grams, respectively.

The yellow metal had risen Rs 190 in the previous two days. Sovereign gold, however, continued to be traded at previous level of Rs 25,200 per piece of eight grams.

Following the rise in gold, silver-ready spurted Rs 300 to Rs 40,100 per kg and weekly-based delivery rose Rs 277 to Rs 39,333 per kg.

Silver coins, too, were in good demand and traded notably higher at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces, as against previous level of Rs 76,000 and Rs 77,000, respectively.