Gold Rises on Festive Demand

Source:

Marketmen said persistent buying by stockists and jewelry makers to meet on going 'Navratra'(an auspicious week in Hindu mythology) and marriage season and reports of firming trend in global markets mainly led to rise in gold prices.

Gold prices spurted on the bullion market on increased buying by stockists and jewelry makers with the beginning of the festival season and settled with a gain of Rs 40 at Rs 9,625 per ten gram.

Gold purchase picked on the first day of the Navratras, an auspicious week in Hindu mythology for buying new things, particularly precious metal jewelry.

A steep rise in overseas markets, which normally set price trend in domestic markets, also boosted the trading sentiment to some extent. Gold in London rose to 27-year-high levels after dollar fell against other leading currencies.

Silver also went up in line with gold on increased offtake from industrial users. Marketmen said persistent buying by stockists and jewelry makers to meet on going 'Navratra' and marriage season and reports of firming trend in global markets mainly led to rise in gold prices.

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