The gold rush, the price push
The festive light begins to glitter. So does gold, India’s addiction!
But then, the prices rise too to touch a one-month high, at Rs. 27,650 per 10 grams in Delhi on Wednesday. Due to heavy buying by traders and jewelers in India, the prices have climbed, although the international trends have dimmed the gains. In Singapore, gold, which normally determines the price trend in the home market, plummeted by 0.7 per cent to $1,223.95 an ounce.
In Delhi, gold of 99.9 and 99.5 per cent purity shot up by Rs. 70 each to Rs. 27,650 and Rs. 27,450 per 10 grams respectively. This was a level seen only two months ago. Gold had dropped Rs. 20 on Tuesday. However, sovereign is still restricted and maintains its earlier level of Rs. 24,200 per piece for eight grams.
However, silver plummeted by Rs. 200 to Rs. 38,800 per kg as the industrial units and coin makers stopped their offtake. Silver ready remained under selling pressure and declined by Rs. 200 to Rs. 38,800 per kg, while weekly-based delivery crept up by Rs. 25 to Rs. 38,765 per kg.
Once thing, at least, is clear. Silence during the rise of the festival fever is not gold, but the opposite!