Gold Bullion inches closer to Rs. 30,000-mark

Mumbai-India (Feb 12)  Gold skyrocketed to Rs. 29,650 per ten grams on Friday by adding Rs. 850, largely in tandem with a firming trend overseas.

Now, the yellow metal has gained Rs. 2,600 in the eleven straight sessions, its longest winning streak this year.

In addition, sustained buying by jewellers to meet the ongoing wedding season demand and a depreciating rupee against the dollar, making imports costlier, supported the upside in the precious metal prices.

Silver also spurted by Rs. 750 to Rs. 37,850 per kg on increased offtake by industrial units and coin makers.

Traders said apart from a firming global trend, steady buying by jewellers and retailers to meet wedding season demand mainly lifted gold prices beyond Rs. 29,000-mark.

Globally, gold in New York, which normally sets price trend on the domestic front, climbed 4.14 per cent to $1,246.40 an ounce and silver by 3.14 per cent to $15.76 an ounce in New York on Thursday’s trade.

In Delhi, gold of 99.9 and 99.5 per cent purity zoomed by Rs. 850 each to Rs. 29,650 and Rs. 29,500 per ten grams respectively, a level last seen on May 16, 2014.

Sovereign followed suit and went up by Rs. 300 to Rs. 23,100 per piece of eight grams.

Tracking gold, silver ready surged by Rs. 750 to Rs. 37,850 per kg and weekly-based delivery jumped by Rs. 985 to Rs. 38,145 per kg.

Silver coins spurted by Rs. 1,000 to Rs. 54,000 for buying and Rs. 55,000 for selling of 100 pieces.

Source: TheHindu