Global Cues Lift Gold Prices To 7-Week Highs

Global Cues Lift Gold Prices To 7-Week Highs

Sustained buying by local jewellers kept gold prices elevated, traders said.

New Delhi: Rising for the third straight day, gold prices jumped by Rs. 100 to trade at a seven-week high of Rs. 30,750 per 10 grams at the bullion market on Saturday amid a firm trend overseas and local buying push. Silver too gained Rs. 100 to Rs. 39,900 per kg, backed by increased offtake by industrial units and coin makers.

Apart from positive global cues, buoyed by a slump in the dollar, sustained buying by local jewellers at the domestic spot market kept gold prices elevated, bullion traders said.

Globally, gold rose 1.17 per cent to $1,337.40 an ounce and silver spurted 1.44 pr cent to $17.21 an ounce in New York in Friday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs. 100 each to Rs. 30,750 and Rs. 30,600 per 10 grams, respectively —  levels last seen on November 18. The precious metal had gained Rs. 175 in last two days.

Sovereign, however, remained flat at Rs. 24,700 per piece of eight grams.

In similar fashion, silver ready strengthened by Rs. 100 to Rs. 39,900 per kg and weekly-based delivery rose Rs. 40 to Rs. 39,120 per kg.

Silver coins too spurted by Rs. 1,000 to Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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