Gold remains firm to touch 9-week high on global cues

Gold prices rose to three-month high on the bullion market on increased buying by stockists and jewellery fabricators, triggered by firm global trend and closed with a hefty gain of Rs.60 at Rs.9,060 per 10 grams.
Persistent offtake by industrial users along with higher overseas advices pushed up silver prices.

Marketmen said increased buying by stockists and local parties ahead of marriage season on the back of firming trend in global markets mainly led to rise in gold prices.

Firm global trend, which normally set price band in domestic market also helped gold to rise.

Gold futures climbed to their highest level in two months late evening as technical buying continued amid ongoing weakness in the US dollar lifted the market sentiment here in domestic market.

August gold rose 6.60 dollar to 684.70 dollar an ounce on the Comex division of the New York Mercantile Exchange. As it was closing, the August contract at the Chicago Board of Trade was up 7 dollar to 6 85 dollar and comex September silver also rose 2.8 cents to 13.403.

Standard gold and ornaments remained in keen demand and shot up further by Rs.60 each at Rs.9,060 and Rs.8,910 per 10 grams respectively. However, sovereign, remained flat at Rs 7,650 per piece of eight gram.

In similar fashion, silver ready gained another Rs.50 at Rs.18,100 per kilo, while weekly-based delivery strengthened by Rs.30 at Rs.18,170 per kilo.

On the other hand, silver coins was enquired around previous level of Rs.23,600 for buying and Rs.23,700 for selling of 100 coins in limited deals.