Gold gains Rs 190 ahead of festival season

MUMBAI: With Navratra festival knocking the door, spot gold prices shot up further on Friday at different bullion markets across the country on brisk buying. At the close, the yellow metal registered gains between Rs 225 and Rs 145 per 10 gm.

The market witnessed hectic activity from stockists and jewellery fabricators ahead of the festive season, considered to be an auspicious period for making new purchases.

In overseas market, gold had gained nearly 1.8% to a one-week high, thanks to further slide in the US dollar against major currencies.

In other precious metals, silver tracked gold and advanced further on good support from industrial users and jewellery fabricators.

Surging gold and silver prices slowed down physical buying domestic markets, after hectic buying in the past few days at lower price levels, dealers said. “The market was driven by stockists and speculators, since higher prices kept consumers away from purchases,” they added.

Closer home, Delhi gained the most, where standard variety (99.5) soared to Rs 8,975 after adding Rs 225 per 10 gm. In Mumbai, spot gold jumped by Rs 190 to settle at Rs 8,905.

Thus the metal had gained Rs 260 per 10 gm in two straight sessions. In Kolkata, it shot up by Rs 160 at Rs 9,010 and in Chennai by Rs 145 at Rs 8945.

In silver, Chennai stole the show, where ready silver (.999) surged by Rs 645 before finishing the trade at Rs 17,650 per kg.

In Kolkata, the metal recorded a fresh gain of Rs 550 at Rs 17,800. In Delhi, it closed Rs 500 higher at Rs 17,800 and shot up by Rs 320 at Rs 18,200 in Mumbai. In London, spot silver rose to $11.30/11.37 an ounce from $11.05/11.12 in New York.