Marriage season hit gold-silver demand

Gold prices Saturday rose by Rs 110 to Rs 22,780 per ten grams on buying by local parties amid the marriage season and firming overseas trend.

Sliver snapped its three-day losing streak, gaining Rs 450 to trade at Rs 54,450 per kg in the bullion market here on buying by stockists triggered by firming global trend.

Marketmen said that prices of the precious metals rose in line with that in global markets. Gold strengthened in the overseas markets on speculation the US Federal Reserve will keep key rates low to stimulate the American economy which boosted the appeal of the precious metal as an alternative to the slumping dollar and equities.

Gold in global markets, which normally set price trend here, rose by 9.70 dollar to 1,542.40 dollar an ounce and silver by 0.39 per cent to 36.29 dollar an ounce. (PTI)

Tags: gold prices, silver prices

Posted by VBN on Jun 5 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry