Five hundred gram gold bars sit in this arranged photograph at Aranypiac Kft in Budapest, Hungary. (Photographer: Akos Stiller/Bloomberg)

Gold Near Six-Year High Due To Festive Season Demand

Gold prices strengthened for the sixth straight week to reach almost a six-year high as buying activity picks up ahead of Diwali and the gold-buying festival Dhanteras that precedes it.

Bullion traders said persistent buying by ornament makers, triggered by the upcoming festive and wedding season lifted the gold prices to trade at almost six-year high of Rs 32,780 per 10 gram.

Globally, after moving both ways, gold ended the week a shade lower at $1,233.2 an ounce as against previous week’s level of $1,233.80. Silver too ended almost flat at $14.82 an ounce. In New Delhi, gold prices settled Rs 100 each higher at Rs 32,650 and Rs 32,500 for the 99.9 percent and 99.5 percent purities respectively. This is the highest level since November 29, 2012 when the yellow metal had closed at Rs 32,940.