MUMBAI: Gold remained on its upward trend as the prices climbed up to Rs 70 per ten gram in the bullion market today thanks to the ongoing marriage season that triggered the buying of the yellow metal.
According to traders the gold prices went up by Rs 70 per ten gram because the ornament manufactures have shown great interest in buying the commodity amid speculation that the US will lower interest rates along with increased energy cost.
Meanwhile, silver prices remained unchanged on some support, however weekly-based showed a jump of Rs 185 per kilo on speculative buying.
In London, gold for immediate delivery climbed s6.96 dollar to 952.16 dollar an ounce and silver climbed 16 cents to 18.18 dollar an ounce to its highest since October 1980.
In local market, standard gold and ornaments posted higher by Rs 70 each at Rs 12,320 and Rs 12,170 per 10 grams respectively.
Sovereign too followed suit and gained to Rs 9,825 per piece of eight gram, a level never seen before.
In the silver section, silver ready remained unchanged at Rs 22,450 per kg selective support.
Weekly-based delivery, while, climbed by Rs 185 at Rs 23,235 per kg.
Silver coins maintained its price on some support at Rs 26,200 for buying and Rs 26,300 for selling of 100 coins.
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