Continuing its rally gold prices on Saturday inched up for the fourth day on Saturday in the bullion market in here on buying by stockists and jewellery fabricators for the current marriage season amid firming global trend.
The precious metal, which had gained Rs 240 in last three trading sessions, added another Rs 40 at Rs 14,350 per ten gram boosted on reports of the metal gaining ground in the global markets on worries that spreading weakness in the economy would damp demand for natural resources.
Marketmen said, investors look to gold in times of economic uncertainty as the investment can hold its value better than others.
The international markets, which normally set price trend on the domestic front here, witnessed constant buying as investors were hoping the Obama administration and lawmakers would come through on their plans to revive the economy.
The ripples of overseas markets were felt here as standard gold and ornaments rose by Rs 40 each at Rs 14,350 and Rs 14,200 per ten gram. The metal set a record high of Rs 14,400 per ten gram on January 31. Sovereign held unchanged at Rs 11,075 per piece of eight gram.
A similar firmness was noticed in silver after the white metal in New York crossed 12.30 dollar an ounce level on stockists and industrial units buying.
Silver ready rose by Rs 100 at Rs 20,100 per kg and weekly-based delivery by Rs 270 at Rs 20,500 per kg. Silver coins also joined the upsurge and recorded a gain of Rs 100 at Rs 28,000 for buying and Rs 28,100 for selling of 100 pieces.
The precious metal, which had gained Rs 240 in last three trading sessions, added another Rs 40 at Rs 14,350 per ten gram boosted on reports of the metal gaining ground in the global markets on worries that spreading weakness in the economy would damp demand for natural resources.
Marketmen said, investors look to gold in times of economic uncertainty as the investment can hold its value better than others.
The international markets, which normally set price trend on the domestic front here, witnessed constant buying as investors were hoping the Obama administration and lawmakers would come through on their plans to revive the economy.
The ripples of overseas markets were felt here as standard gold and ornaments rose by Rs 40 each at Rs 14,350 and Rs 14,200 per ten gram. The metal set a record high of Rs 14,400 per ten gram on January 31. Sovereign held unchanged at Rs 11,075 per piece of eight gram.
A similar firmness was noticed in silver after the white metal in New York crossed 12.30 dollar an ounce level on stockists and industrial units buying.
Silver ready rose by Rs 100 at Rs 20,100 per kg and weekly-based delivery by Rs 270 at Rs 20,500 per kg. Silver coins also joined the upsurge and recorded a gain of Rs 100 at Rs 28,000 for buying and Rs 28,100 for selling of 100 pieces.
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