New Delhi: Gold prices in the bullion market rose by Rs 700 to Rs 38,970 per ten gram for a more than two-week high on Friday as the increased demand from jewellery makers in the festive season. In the international market, under the pressure of the decline in both precious metals, silver weakened by Rs 870 to a one-month low of Rs 46,250 per kg.

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According to information from London and New York, gold spot today weakened by $ 8.05 to $ 1,497.15 an ounce. On Thursday too, it was down by two per cent. December gold futures weakened by $ 10.10 to $ 1,505.10 an ounce. Silver spot fell by $ 0.29 to $ 17.52 an ounce in the global market. In view of the festive season, the jewellery makers in the local market have increased their purchase of gold. With this, the gold standard has risen by Rs 700 to reach the highest level since September 11 at Rs 38,970 per ten grams.

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Gold also sold at Rs 38,800 per ten grams with the same strength. Sovereign gold rose by Rs. 200 to Rs. 30,300 per piece of eight grams. Weakness in silver was observed under global pressure. Silverspot fell by Rs 870 to Rs 46,250 per kg. This is its low level after 23 August.

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