Gold prices continued upward movement for the second consecutive day in the bullion market today on sustained buying by jewellers and retailers to meet the ongoing marriage season demand amid firming global trend, reports Economic Times.
The trading sentiment remained better after gold rose in London as a weak dollar and costlier oil spurred demand for the metal as a hedge against higher inflation. The metal in London rose by USD 6.32 to USD 919.10 an ounce.
Back in local market, Standard gold and ornaments were in demand and added another Rs 10 each to Rs 14,830 and Rs 14,680 per 10 gram, respectively. Sovereign, however, held steady at Rs 12,200 per piece of eight gram.
On the other side, silver ready plunged by Rs 335 to Rs 22,300 per kg on stockists selling at existing higher levels while weekly-based delivery gained Rs 290 at Rs 22,590 per kg on speculative support.Silver coins continued to hover around previous level in limited deals before ending at Rs 29,000 for buying and Rs 29,100 for selling of 100 pieces.
