NEW DELHI: Firming global trend on Monday pushed up the gold prices to Rs 12,960 per ten gram on the bullion market here as heavy buying by retailers for the ongoing marriage and festive season added to the yellow metal's allure.
The domestic market remained under buying pressure on inflationary concerns as investors seeking safe haven resorted to the precious.
Standard gold and ornaments gained Rs 220 each to settle the day at Rs 12,960 and Rs 12,810 per ten gram respectively. Sovereign, on the other hand remained unchanged at Rs 10,600 per piece of eight gram.
Marketmen said, heavy buying by stockists to meet the current festival season and the marriage season beginning next week led to the rise in prices.
A firming trend in the global markets further added to the price rise of gold, they added.
In the global markets, a weakening dollar and rising crude oil prices increased saw the precious metal acting as a hedge against declines in the US currency and faster inflation.
The gold in London rose 21.48 dollar to 804.83 dollar an ounce and silver by 49 cents to 9.86 dollar an ounce.
While, silver ready shot up by Rs 300 at Rs 17,700 per kg and weekly-based delivery by Rs 17,590 per kg. Silver coins were down by Rs 100 at Rs 28,400 for buying and Rs 28,600 for selling of 100 pieces on fresh arrivals.
