Gold price shocker! Yellow metal to draw tears from buyers during Diwali

Rising by over Rs 125, gold prices have soared to a 6-year high at Rs 32,625 per 10 grammes on Thursday. The reasons behind the rising Gold price graph are the on going festive and wedding seasons, weakening rupee according to the traders. Silver, however, remained weak and fell by Rs 130 to Rs 39,600 per kg due to slackened demand from industrial units. Globally, gold was trading at USD 1,234.20 an ounce in Singapore Thursday.

This is the third straight session of gain for the yellow metal which has jumped by Rs 405 since October 23.
 
Sovereign gold, however, traded steady at Rs 24,800 per piece of eight gram.

According to the bullion traders, firming trend in overseas where gold traded at over three-month high as the dollar eased and equities slumped also gave a boost to the rising price of the metal. Besides, a pick-up in buying by local jewellers to meet seasonal demand at domestic spot markets and diversion of funds from falling equity markets also supported the uptrend, they said.

In Delhi, gold of 99.99 and 99.5 per cent purity rallied by Rs 125 each to Rs 32,625 and Rs 32,475 per 10 gram, respectively. This is the highest level since November 29, 2012 when the precious metal had closed at Rs 32,940 per ten gram.

On the other hand, silver ready extended its weakness by prices falling by another Rs 130 to Rs 39,600 per kg. Silver coins, however, remained unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.