Gold regains 20k level on seasonal demandhttps://indianexpress.com/article/news-archive/web/gold-regains-20k-level-on-seasonal-demand/

Gold regains 20k level on seasonal demand

Silver rose to an all-time-high in the national capital on frantic buying.

Gold prices regained Rs 20,000 per 10 gram level and silver rose to an all-time-high in the national capital on frantic buying by stockists and jewellers to meet ongoing festive and marriage season demand,amid a firm global trend.

As the gold prices rose by Rs 75 to Rs 20,000 per 10 gram,a level last seen on October 19,the silver spurted by Rs 200 to Rs 37,700 per kg,a level never seen before.

Trading sentiment turned extremely bullish after silver surged to 30-year high in overseas markets,as a weaker dollar increased the investment appeal of precious metals.

While the silver in overseas markets,which normally set a price trend on the domestic front here,rose 1.2 per cent to USD 25.05 an ounce,the highest level since March 1980 and gold to a two-week high by rising 0.2 per cent to USD 1,361.45 an ounce.

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Buying activity further fuelled retailers and jewellers to buy for coming Diwali and Dhanterus,the two most auspicious days in Hindu mythology for making new purchases of precious metals.

On the domestic front,the gold of 99.9 and 99.5 per cent purity rose by Rs 75 each to Rs 20,000 and Rs 19,900 per 10 gram,respectively. Sovereign also gained Rs 50 to Rs 15,950 per piece of eight gram.

Silver ready spurted by Rs 200 to an all-time high of Rs 37,700 per kg and weekly-based delivery by Rs 240 to Rs 37,295 per kg.

Silver coins spurted by Rs 620 to a new peak level of Rs 42,500 for buying and Rs 43,000 for selling of 100 pieces. The silver coins normally used for worshipping on Diwali,witnessed maximum buying.