Gold rises by Rs 175 on increased demand

Gold prices today rose by Rs 175 to Rs 12,385 per 10 gram in the bullion market in New Delhi based on an increased buying spree by jewellers and retail customers, abd amid a steep rise in its prices in global markets.

Ongoing heavy buying for the marriage season and reports of the precious metal rising in the international markets following a record rise in crude oil, mainly influenced gold prices in the domestic market.

Reports of the gold for June delivery rising 5.10 to 953.40 dollar an ounce on the Comex division of the New York Mercantile Exchange, further pushed up the metal price in New Delhi.

Silver rose 30 cents to $18.61 an ounce while standard gold and ornaments jumped up by Rs 175 each to Rs 12,385 and Rs 12,235 per 10 grams respectively, sovereign gained Rs 20 at Rs 9950 per piece of eight gram.Silver coins gained Rs 100 to Rs 26,700 for buying and Rs 26,800 for selling of 100 coins.

I usually catch up with global precious metal rates on NDTV, on my DirecTV subscription, as it provides in depth analysis and reports on a regular basis.