Wedding buzz lifts gold to Rs 32,450

Gold surged by Rs 225 to Rs 32,450 per ten gram as local jewellers upped their buying to meet wedding season demand even as the metal weakened overseas.

Silver also recovered by Rs 200 to Rs 40,700 per kg on increased offtake by industrial units and coin makers.

Bullion traders attributed the recovery in gold prices to pick-up in buying by local jewellers at the spot market, driven by ongoing wedding season. But, a weak trend overseas capped the gains.

Moreover, a depreciating rupee against the dollar to 66.82 (intra-day) at the forex market, making imports costlier, too influenced the sentiment, they added.

Globally, gold fell 0.38 per cent to USD 1,324.70 an ounce and silver by 0.42 per cent to USD 16.60 an ounce in Singapore as a stronger dollar reduced appeal of the precious metal as a safe haven.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced back by Rs 225 each to Rs 32,450 and Rs 32,300 per ten gram, respectively.

Sovereign, however, continued to be traded at previous level of Rs 24,800 per piece of eight gram.

Silver ready also recovered by Rs 200 to Rs 40,700 per kg and weekly based delivery by Rs 100 to Rs 39,575 per kg.

Silver coins however remained unaltered at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.