Gold prices rose by Rs 300 to Rs 81,400 per 10 grams, near its record high level, in the national capital on Tuesday due to heavy demand for Dhanteras by jewellers and retailers, the All India Sarafa Association reported.
Silver increased by Rs 200 to Rs 99,700 per kg on rising demand by industrial units and coin makers. It had closed at Rs 99,500 per kg on Monday.
Traders say silver coins have become the go-to option for token purchase on Dhanteras, ditching the traditional gold because of sky-high rates.
Additionally, gold of 99.5 per cent purity jumped Rs 300 to near an all-time peak of Rs 81,000 per 10 grams.
On Monday, the precious metal of 99.9 per cent and 99.5 per cent purity had closed at Rs 81,100 and Rs 80,700 per 10 grams.
In futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery appreciated by Rs 178 or 0.23 per cent to Rs 78,744 per 10 grams.
“Gold prices in MCX remained positive, with Dhanteras adding enthusiasm for long positions. More buying occurred on this auspicious day, pushing the prices on the MCX and trading above Rs 80,000 in the physical jewellery market,” Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said.
Silver contracts for December delivery bounced Rs 786 or 0.81 per cent to Rs 98,210 per kg on the MCX.
Globally, Comex gold futures rose 0.23 per cent to USD 2,762.20 per ounce.
“Gold advanced toward a record in the European trading hours on Tuesday amid concerns about the US Presidential election and escalating US debt crisis continue to fuel safe-haven demand, pushing flows into the precious metal,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
According to Pranav Mer, VP – Research (Commodity & Currency) BlinkX and JM Financial, gold continues to trade positively with buying seen at every small correction over the past three trading sessions.
(With PTI inputs)