NEW DELHI: Gold prices on Wednesday strengthened further by Rs 70 to close at Rs 12,170 per ten grams in the bullion market here on sustained
buying by stockists influenced by firming trend on the global front.
Buying activity in gold picked up as stockists and jewellery fabricators continued buying the metal to meet ongoing marriage season demand amid firming trend in Asia.
Marketmen said sustained buying by jewellery makers and retailers in view of ongoing marriage season and report of firming trend in Asia mainly pushed up gold prices.
Volatile movements in equity market also forced some investors to shift their funds in rising precious metal for safe investment, they said adding that easing crude oil prices reduced inflation concerns and supported the rally of the precious metal.
Standard gold and ornaments rose further by Rs 70 each to Rs 12,170 and Rs 12,020 per ten grams while sovereign remained flat at Rs 10,400 per piece of eight grams.
In Singapore gold prices were up by 1.45 dollar to 739.60 dollar an ounce, raising its demand in domestic markets here, traders said.
In a similar fashion, silver ready shot up by Rs 100 to Rs 16,650 per kg and weekly-based delivery by Rs 180 to Rs 16,450 per kg. However, silver coins continued to be asked around previous level of Rs 26,400 for buying and Rs 26,500 for selling of 100 coins.
