NEW DELHI: Gold prices rose for the third straight session on Wednesday, adding Rs 100 to close at Rs 12,620 per ten grams in the bullion market
here on sustained buying by stockists influenced by firming global trend.
The precious metal witnessed increased trading activity as prices picked up in the overseas markets following a decline in dollar and rise in oil prices, increasing gold's appeal as an alternative investment against inflation.
Marketmen said increased buying by stockists in tandem with firming trend in global market mainly led to rise in gold prices. In London, gold climbed 7.61 dollar to 784.57 dollar an ounce.
Standard gold and ornaments remained in demand and shot up further by Rs 100 each to settle the day at Rs 12,620 and Rs 12,480 per ten grams respectively. Sovereign gained Rs 25 at Rs 10,475 per piece of eight grams.
On the other hand, silver ready and weekly-based delivery dropped by Rs 150 each to Rs 16,750 and Rs 16,900 per kg respectively on stockists selling.
Silver coins also lost Rs 200 to Rs 26,300 for buying and Rs 26,400 for selling of 100 coins.
