Price rise in the Gold Market due to Shopping of Jewellery in this Wedding Season

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Gold Jewellery in display at a shop, Wikimedia

New Delhi, Feb 8, 2017: Due to increased shopping of jewellery in this wedding season, gold prices soared further by Rs 220 to Rs 29,325 per 10 grams at the bullion market. The rise in the demand for gold is due to the rising wedding season demand despite weakness in global cues. Here is some data related to the price hike:

  • Standard gold (99.5 purity) climbed by Rs 220 to conclude at Rs 29,325 per 10 grams from Monday’s closing level of Rs 29,105.
  • Pure gold (99.9 purity) also jumped by a similar margin to end at Rs 29,475 per 10 grams as against Rs 29,255 earlier.

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  • Silver (.999 fineness) rose by Rs 175 to finish at Rs 42,540 from Rs 42,365 yesterday.
  • Spot gold was down 0.4 percent at USD 1,230.40 per ounce in early trade. In the previous session, the metal touched USD 1,235.73, its highest since November 11.
  • Among other precious metals, silver fell 0.7 percent to USD 17.61. Earlier in the session, it reached USD 17.76, its strongest since November 11.

prepared by Shambhavi Sinha of NewsGram. Twitter:  @shambhavispeaks