India: Gold prices extend gains as govt eases buying norms
(MENAFN) Gold prices rose by Rs70 to Rs30,620 per 10 grams at the bullion market on Monday, as buying by jewellers and retailers increased after the government revoked an order mandating permanent account number (PAN) and Aadhaar cards for purchases above Rs50,000.
A firming trend overseas, stoked by demand for the safe- haven on fresh concerns over North Korea"s nuclear plans, also helped strengthen gold rates in the domestic market. This was its third straight day of gains. It had gained Rs175 in the previous two days.
Silver followed suit and advanced by Rs 100 to Rs 40,700 per kg on increased offtake by industrial units and coin makers.
Market sentiment turned upbeat with the government revoking an order that mandated PAN and Aadhaar cards for purchases above Rs50,000.
A firming trend overseas, stoked by demand for the safe- haven on fresh concerns over North Korea"s nuclear plans, also helped strengthen gold rates in the domestic market. This was its third straight day of gains. It had gained Rs175 in the previous two days.
Silver followed suit and advanced by Rs 100 to Rs 40,700 per kg on increased offtake by industrial units and coin makers.
Market sentiment turned upbeat with the government revoking an order that mandated PAN and Aadhaar cards for purchases above Rs50,000.
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