NEW DELHI: Gold prices on Monday rose by Rs 70 to close at Rs 12,070 per 10 gram in the bullion market here on increased buying by stockists and
jewellery fabricators in tandem with firming global trend.
Silver moved up by Rs 100 to Rs 17,120 per kg. Marketmen said increased buying by stockists and jewellers mainly bolstered the prices of the precious metal.
They added sentiment turned bullish after gold rose for a second day in London as higher crude-oil prices and a weaker dollar boosted demand for the metal as a hedge against inflation.
A good demand from retailers in view of ongoing marriage season also boosted the trend, they said.
Gold in London shot up by 17.45 dollars to 754.10 dollars an ounce and silver gained 3 per cent to 10.36 dollars an ounce.
On the domestic market, standard gold and ornaments which had gained Rs 150 in last two trading, added Rs 70 each at Rs 12,070 per 10 gram and Rs 11,920 per 10 gram respectively. Sovereign gained Rs 25 at Rs 10,425 per piece of eight gram.
Silver ready moved up by Rs 100 to Rs 17,120 per kg and weekly-based delivery by Rs 110 to Rs 17,060 per kg. Silver coins, however, held steady at Rs 26,500 for buying and Rs 26,600 for selling of 100 pieces.
