Gold price saw some upward movement in the Indian market. The price went up by as much as Rs 150 and 10 gram gold was trading at Rs 28,500 per ten gram at the bullion market today in the national capital. The upswing seems to be due to the fact that the wedding season is in full flow and so demand is going up substantially. Silver that has seen its price go down and down in the past few months also saw some upward movement. Silver went up by as much as Rs 400 and was trading at Rs 40,100 per kg in the Delhi market. The reason for the upward movement in the silver price is also due to the increased demand due to wedding season. Wedding season is not the only cause of the upward movement in the gold and silver price. Apart from buying by jewellers to meet ongoing wedding season demand, a firming global trend after the European Central Bank’s announced a bigger-than-expected stimulus measures, boosting demand for the safe-haven, influenced gold prices in the capital. Globally, gold rose by by 0.71 per cent to $1,302.10 an ounce and silver by 1.10 per cent to $18.31 an ounce in New York in Thursday’s trade. On the other hand gold of 99.9 and 99.5 per cent purity were up by Rs 150 each to Rs 28,500 and Rs 28,300 per ten gram respectively. It had lost Rs 150 on Thursday. Sovereign, however, held steady at Rs 24,000 per piece of eight gram in scattered deals. Silver ready rose by Rs 400 to Rs 40,100 per kg and weekly-based delivery by Rs 560 to Rs 40,100 per kg. Silver coins spurted by Rs 1,000 to Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.

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