Gold prices up by Rs 150 on better demand

Tue, May 6 04:49 PM

New Delhi, May 6 (PTI) Gold prices spurted by Rs 150 to Rs 11,670 per 10 gram on the bullion market here today on brisk buying by stockists and general investors. Marketmen said buying activity picked up as some investors diverted their funds from melting stock markets to bullion and helped the precious metal to move up.

A firming global trend also attributed to the rise in prices. Gold rose for a third consecutive session in London as crude oil gained, spurring investors to buy the metal as a hedge against inflation.

The yellow metal rose 5.12 dollar to 879.

32 dollar an ounce and silver by 0.4 per cent to 16.

77 dollar, while stock markets across the board and in the US fell sharply. Standard gold and ornament shot up by Rs 150 each to Rs 11,670 and Rs 11 520 per 10 gram respectively.

Sovereign also rose by Rs 50 at Rs 9,875 per piece of eight gram. Silver ready spurted by Rs 680 to Rs 22,800 per kg, while weekly-based delivery fell by Rs 20 to Rs 22,450 per kg as speculators refrained from enlarging their positions.

Silver coins were back in demand and gained Rs 100 at Rs 26,600 for buying and Rs 26,700 for selling of 100 pieces. PTI.

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