Gold prices continue to rise on global cues, wedding season buying

NEW DELHI: Gold prices rose by Rs75 to Rs30,625 per 10 grams at the bullion market on Wednesday maintaining its upward march for the third straight day on the back of positive global cues. Besides, increased buying by local jewellers to meet the ongoing wedding season demand helped the upswing.
However, silver receded by Rs5 to Rs40,725 per kg due to reduced offtake by industrial units and coin makers.
Traders said firm trend overseas as investors awaited the October consumer inflation data from the US for potential hints on the Federal Reserve’s monetary tightening policy and increased offtake by local jewellers to meet ongoing wedding season at the domestic spot market kept gold prices higher.
Globally, gold rates rose 0.16% to $1,281.80 an ounce and silver by 0.21% to $17.04 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity added Rs75 each to Rs30,625 and Rs30,475 per 10 grams, respectively. It had gained Rs100 in the previous two sessions. Sovereign, however, remained unaltered at Rs24,700 per piece of eight grams.
On the other hand, silver ready eased by Rs5 to Rs40,725 per kg and weekly-based delivery went down by Rs15 to Rs39,785 per kg. Silver coins remained unaltered at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.