Gold prices spurted by Rs 405 per 10 gm to Rs 12,865 on the bullion market here on Thursday on good stockists demand coupled with higher overseas advices.
Silver prices recovered on renewed industrial demand.
Persistent stockists demand in view of marriage season boosted the market sentiment, helping the yellow metal to rally for the second consecutive day.
Gold prices firmed up in global market rise in oil prices and weakness of the dollar against the euro. Gold prices extended gains in London by more than one per cent, tracking losses in the dollar, after posting its biggest percentage climb in almost three weeks in the previous session.
Spot gold was quoted at $822.10 an ounce up from 809.90 an ounce late in New York on Wednesday, when the precious metals climbed four per cent on rising oil prices and dollar weakness. Spot silver also rose to $10.40 an ounce from $10.21 an ounce previously.
Gold prices bounced in Singapore from lows to hit a one- week high, a day after its biggest daily percentage gain in almost three weeks, as the euro firmed against the dollar and oil advanced on the prospects of output cuts.Gold was trading at $813.40 an ounce, $3.50 from New York’s notional close on Wednesday.
| DEMAND PUSH | ||
| Variety of gold | Increase (per 10 gm) | Price (per 10 gm) |
| Standard gold (99.5 purity) | Rs 405 | Rs 12,865 |
| Pure gold (99.9 purity) | Rs 405 | Rs 12,925 |
| International gold | $12.20 an ounce | $822.10 an ounce |
| Silver ready (.999 fineness) | Rs 365 a kg | Rs 17,375 a kg |
In the local market, standard gold (99.5 purity) shot up by Rs 405 per 10 gm to Rs 12,865 from Rs 12,460 yesterday.Pure gold (99.9 purity) also rose by a similar margin to Rs 12,925 from Rs 12,520. Silver ready (.999 fineness) recovered by Rs 365 a kg to Rs 17,375 from Rs 17,010 previously.
In New Delhi, gold gained Rs 360 to close at Rs 12,980 per 10 gm on stockists buying influenced by firming global trend. Standard gold and ornaments jumped up by Rs 360 each at Rs 12,980 and Rs 12,830 per 10 gm respectively. Sovereign rose by Rs 25 at Rs 10,500 per piece of 8 gm.
