Gold prices jumped by Rs 240 to Rs 13,240 per 10 gram on the bullion market On Tuesday on emergence of buying by retailers and jewellery fabricators to meet the demand for Christmas and New year celebrations.
In a similar fashion, silver also rose by Rs 30 at Rs 17,650 per kg. Marketmen said jewellery and fancy item makers were buying to produce gift items to meet demand for the celebrations.
They said expectations of the price rise of the precious metals in overseas market, which normally set price band here, firmed up and supported the uptrend.
Standard gold and ornaments spurted by Rs 240 each to Rs 13,240 and Rs 13,090 per 10 gram respectively. However, sovereign ruled flat at Rs 10,600 per piece of 8 gm.
Weekly-based silver delivery rose by Rs 30 at Rs 17,720 per kg. Silver coins continued to be at previous level of Rs 26,900 for buying and Rs 27,000 for selling of 100 pieces.