Gold prices rise with wedding demand
Gold prices maintained their forward motion last week and continued to see prices increase helped along by jewellery demand for the upcoming wedding season. Silver prices also increased.
Last week, gold prices crossed Rs 33,000 ($466.16) per ten grams reaching a high of Rs 33,070 before ending on Rs 32,875 on the bullion market and silver was also up.
The Press Trust of India attributed this positive motion to overseas buying doing well and increased gold purchasing by local Indian jewellers to prepare for the spring wedding season. Silver was up due to increased off-take by industrial units and coin manufacturers.
As the rupee also weakened compared to the US dollar, gold’s power as an investment again rose. Gold also increased in price globally and concluded the week at $1,287.80 for an ounce. Silver also saw global prices rise to $15.67 for an ounce on the New York market.
Wedding season demand saw local jewellers stocking up to meet demand, especially in rural India where gold demand is still high due to its status as an investment.
Both 99.9 and 99.5 percent gold as well as sovereign gold was up as was silver weekly-based delivery and coins.
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