Gold Prices Rise For Second Straight Session

Gaining for second straight day, gold prices Tuesday rose by Rs 125 to Rs 32,400 per 10 grams at the bullion market in the Delhi, reported news agency Press Trust of India. The prices climbed on higher demand from local jewellers even though international markets were closed due to Christmas. Silver, however, remained flat at Rs 38,000 per kg on no demand from industrial units and coin makers due to the Christmas. On account of the holiday, there was no business in the global market which limited the gains in the domestic gold prices and kept the silver prices steady, reported the agency citing traders. 

However, demand from local jewellers at the domestic spot market pushed the gold prices northwards.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity added Rs 125 each at Rs 32,400 and Rs 32,250 per 10 gram, respectively. The precious metal had jumped by Rs 175 on Monday. Sovereign, however, traded flat at Rs 25,000 per piece of 8 grams.    

Globally, gold rose 1 per cent to scale a six-month peak on Monday as sliding stock markets and concerns about a global economic slowdown sapped risk sentiment, driving investors to seek safety in the precious metal, reported news agency Reuters.

Spot gold was trading at $1,268.49 per ounce in intraday trade in thin trade. The metal hit its highest since late June at $1,269.49 earlier in the session. 

Silver also held steady at Rs 38,000 per kg, while weekly-based delivery, on the other hand, rose by Rs 45 to 37,541 per kg. Silver coins, too, showed no change in prices at Rs 74,000 for buying and Rs 75,000 for selling of Rs 100 pieces.

(With agency inputs)