Like petrol rates, the Gold prices are also rising. The petrol is above Rs 85 in Mumbai. In the same fashion Gold rallied by Rs 120 to Rs 32,000 per ten gram on increased buying by local jewellers amid strong overseas trend.
Silver also strengthened by Rs 300 to Rs 41,400 per kg due to increased offtake by industrial units and coin makers.
Sellers said increased buying by local jewellers to meet retailers’ demand at domestic spot market and a depreciating rupee against the dollar, making gold import costlier, supported the uptrend.
There are some marriages and the gold is a must for this occasion. The prices of gold will be uptrend until the end of May it is reported.