Gold Rises On Marriage Season Buying

The gold prices rose by Rs 140 to Rs 10,400 per 10 gram in the bullion market in New Delhi on Wednesday on heavy buying by stockists and jewellers following a boost in retail demand. Standard gold and ornaments shot up by Rs 140 each to Rs 10,400 and Rs 10,250 per 10 gram respectively. Sovereign remained unchanged at Rs 8,600 per piece of eight gram. Silver ready also rose by Rs 300 to Rs 19,000 per kilo and weekly-based delivery by Rs 350 to Rs 19,225 per kilo. Silver coins improved by Rs 200 to Rs 25,100 for buying and Rs 25,200 for selling of 100 pieces.

Fresh gold buying for the ongoing marriage season received further boost on reports of a steep rise in gold rates in other Asian markets.In Singapore, the gold gained for a third day on speculation that US Federal will cut interest rates, weakening the dollar and boosting the appeal of the precious metal as an alternative investment.The precious metal rose 5.01 dollar, or 0.6 per cent, to 806.71 dollar an ounce.