NEW DELHI : India gold prices turned higher Thursday on brisk buying by investors, tracking firm global trends and volatile trends in local stocks.
Standard gold and ornaments flared up by Rs 330 each to Rs 14,890 and Rs 14,740 per ten gram respectively.
Both had lost Rs 230 each in last two trading sessions. Sovereign gained Rs 50 to Rs 12,350 per piece of eight gram.
On the Multi Commodity Exchange (MCX), most traded August contract was seen trading at Rs 14,668 per ten grams at 5.12 p.m Indian time while October contract was at Rs 14,669 per ten grams at the same time.
Spot gold was at Rs 14,452 per ten grams at the same time while sovereign was at Rs 11,561 per eight grams.
Silver also advanced Thursday. Silver ready strengthened further by Rs 50 to Rs 22,500 per kg. It had gained Rs 150 in previous session. Silver weekly-based delivery rose by Rs 90 to Rs 22,460 per kg.
Silver coins also gained Rs 200 to Rs 29,100 for buying and Rs 29,200 for selling of 100 pieces
Meanwhile bullion edged higher in European trade Thursday, heading toward $935 per ounce as investors found support from the U.S. Federal Reserve indicating that it was in no hurry to raise borrowing costs from ultra-low levels.
Spot gold stood at $932.80 per ounce at 5.12 Indian time, up from $931.10 quoted late in New York on Wednesday. The metal briefly hit a high of $936.30 in Asian trade.
However, U.S. gold futures for August delivery slipped slightly to $933.50 an ounce.
Earlier on Thursday the head of the economic department of the Communist Party policy research office in China said that the country should buy more gold, and that purchasing land in the United States was a better option for China than buying U.S. Treasuries.
Underlining a lack of aggressive buying, holdings by the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust , remained at 1,131.24 tones on Wednesday, unchanged since Monday.
