The precious yellow metal was traded at Rs 25,550 per ten grams on Sunday —the first day of transaction -- gaining Rs 345 per ten grams from Friday’s Rs 25,205. [break]
Local dealers said skyrocketing price of bullion in the international market pushed up the gold price in local market making it almost unaffordable for society’s low-income groups this wedding season. Gold demand is high during wedding seasons.After losing by Rs 4 per gram on Monday as compared to a day earlier, the gold price rose sharply with daily average surge of Rs 500 to touch 25,380 per ten grams Thursday before coming down to Rs 25,205 per ten grams on Friday.
In the international market, gold rose to an 11-month high on Friday to $990 per ounce and analysts see it breaching $1,000 per troy ounce (31.11 gram). Spot gold struck a high of $992.30, its strongest level since March 19.
Analysts said the metal is poised to rise further, possibly targeting last March´s all-time high of $1,030.80 per troy ounce.
Following suit, silver also opened higher by Rs 6 per ten grams to Rs 366 on Sunday as compared to Rs 360 per ten gram on Friday.
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