Gold maintained an upward march for the second straight day on Jan 24 in the bullion market in New Delhi with prices rising by Rs 40 to Rs 11,550 per 10 gram on buying by jewellers in view of the current marriage season. Standard gold and ornaments remained in demand and advanced by Rs 40 each to Rs 11,550 and Rs 11,400 per 10 grams respectively. However, sovereign ruled flat at Rs 9,150 per piece of eight gram in limited deals. A similar trend was extended in silver as silver ready strengthened by Rs 50 at Rs 20,350 per kilo and silver weekly- based delivery by Rs 100 at Rs 20,820 per kilo respectively. On the other hand, silver coins enquired around last level of Rs 25,400 for buying and Rs 25,500 for selling of 100 coins on stray demand.
Marketmen said trading sentiment gathered momentum following reports of the precious metal rising in Asian markets on speculation that the US Federal Reserve may cut interest rates again when it meets on January 29.The Fed, surprisingly had cut interest rate by 0.75 basis point on Tuesday, a fourth time since 2001, to revive economic growth, which will also increase the appeal of bullion as a hedge against the dollar.
Marketmen said trading sentiment gathered momentum following reports of the precious metal rising in Asian markets on speculation that the US Federal Reserve may cut interest rates again when it meets on January 29.The Fed, surprisingly had cut interest rate by 0.75 basis point on Tuesday, a fourth time since 2001, to revive economic growth, which will also increase the appeal of bullion as a hedge against the dollar.
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