The prices of gold and silver in India have risen sharply in recent days amid the agiotage demand from retailers and jewelry manufacturers in the run-up to the Diwali festival and amid signals of recovery in the global market.
Gold prices rose to 170 rupees and reached 32 570 per 5 grams, while silver gained RS 450 to 49 900 RS for 1 kg on the background of growth in sales of jewelry manufacturers and various industrial enterprises.
One bullion trader stated that retailers and jewellery manufacturers actively made purchases, to prepare for the festivals of Dhanteras and Diwali, during which traditionally increases the demand for the precious metal.
A clear global trend, formed against the background of fears that the us Federal Reserve will adhere to policies to stimulate economic growth, supported by market sentiment, some sources from the Indian industry.