Gold gains on wedding season demand

Gold prices went up by Rs 130 to Rs 26,930 per 10 grams at the bullion market in New Delhi on Monday on increased buying by jewellers and retailers amid ongoing wedding season demand.

Silver also advanced by Rs 100 to 36,650 per kg on increased offtake by industrial units and coin makers.

Traders said increased buying by jewellers and retailers, driven by ongoing wedding season demand, mainly kept gold and silver prices higher but a weak trend overseas, limited the gains.

In overseas markets, gold slipped from three-week high and fell 0.20 per cent to $1,198.60 an ounce and silver shed 0.20 per cent to $16.41 an ounce in Singapore.

In Delhi, gold of 99.9 and 99.5 per cent purity advanced by Rs 130 each to Rs 26,930 and Rs 26,730 per 10 grams, respectively.

Sovereign, however, held steady at Rs 23,700 per piece of eight grams.

In line with general firm trend, silver ready traded higher by Rs 100 to Rs 36,650 per kg and weekly-based delivery by Rs 80 to Rs 36,160 per kg.

Silver coins also spurted by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces on upsurge in wedding season demand.