Gold Prices Rise On Wedding Season Buying: 5 Things To Know

Gold rose for the third straight session on Wednesday, gaining Rs 110 to Rs 32,800 per 10 grams on increased buying by jewellers to meet marriage season demand, reported news agency Press Trust of India (PTI). Silver prices also spurted by Rs 300 to Rs 40,100 per kg on fresh buying by industrial units and coin makers. Sentiment was upbeat largely supported by continued buying by local jewellers to meet wedding season demand, said the agency citing marketmen. However, global cues were negative that limited the rise in the precious metal prices, they said.

Here are five things to know about gold, silver prices today:

1.  Globally, gold slipped for a second session on Wednesday as investors regained appetite for risk on hopes of a breakthrough in US-Chinese trade talks, reported news agency Reuters. Spot gold was down 0.3 per cent at $1,280.95 per ounce in intraday trade. US gold futures also shed 0.3 per cent to $1,281.70 per ounce.

2. In Delhi, gold of 99.9 per cent and 99.5 per cent purities rose Rs 110 each to Rs 32,800 and Rs 32,650 per 10 grams, respectively. The yellow metal had risen Rs 190 in the previous two days.
    
3. Sovereign gold, however, continued to be traded at previous level of Rs 25,200 per piece of eight grams.

4. Following the rise in gold, silver-ready spurted Rs 300 to Rs 40,100 per kg and weekly-based delivery rose Rs 277 to Rs 39,333 per kg.    

5. Silver coins, too, were in good demand and traded notably higher at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces, as against previous level of Rs 76,000 and Rs 77,000, respectively.

(With agency inputs)