Gold prices hit over 6-year high on festive buzz, global cues

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NEW DELHI: Gold prices rose by another Rs 125 to trade at over six-year high of Rs 32,625 per 10 gram on Thursday, buoyed by pick-up in festive and wedding season demand by local jewellers amid firm global trends and weakening rupee. Silver, however, remained weak and fell by Rs 130 to Rs 39,600 per kg due to slackened demand from industrial units.
Bullion traders said sentiments also got a boost on firming trend in overseas where gold traded at over three-month high as the dollar eased and equities slumped. Besides, weakness in the local currency also added to investor sentiments.
Globally, gold was trading at $1,234.20 an ounce in Singapore on Thursday.
Besides, a pick-up in buying by local jewellers to meet seasonal demand at domestic spot markets and diversion of funds from falling equity markets also supported the uptrend, they said.
In New Delhi, gold of 99.99 and 99.5 per cent purity rallied by Rs 125 each to Rs 32,625 and Rs 32,475 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.
This is the third straight session of gain for the yellow metal which has gained Rs 405 since October 23.
Sovereign gold, however, traded steady at Rs 24,800 per piece of eight gram.
On the other hand, silver ready extended its weakness by prices falling by another Rs 130 to Rs 39,600 per kg. Silver coins, however, remained unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.