Gold and silver prices rose on the first day of Samvat Year 2066, the Hindu New Year in the traditional lunar Hindu calendar, with gold gaining Rs 50 to touch Rs 16,070 per ten grams on the bullion market in Delhi on Saturday. Token purchases by traders on the first day of the Hindu New Year aided the gains.
Standard gold and ornaments traded Rs 50 higher at Rs 16,070 and Rs 15,920 per ten gram respectively, while sovereign held unchanged at Rs 12,950 per piece of eight gram.
Silver ready closed Rs 25 higher at Rs 26,925 per kg on increased offtake by industrial units and silver coin makers to meet the current festive season demand.
Silver weekly-based delivery shot up by Rs 175 to Rs 26,900 per kg. Silver coins were up by Rs 100 at Rs 32,900 for buying and Rs 33,000 for selling of 100 pieces.
The Government of Singapore, GIC, FIIs based in Hong Kong, Malaysia unhappy to see Chinese Yuan’s dominance have started floating the idea of Gold as an Alternate Global Currency replacing the USD. Sr. Fund Managers have already started building Large Positions in gold. If the Middle East backs this consortium, then it will gain high acceptability across the Globe.