Gold jumps to Rs 30,600 on festive demand, global cues

New Delhi-India (Aug 21)  Gold prices shot up Rs 180 to Rs 30,600 per 10 gm at the bullion market on buying by local jewellers to meet the festive season demand and firm global cues. Silver gained Rs 50 to Rs 38,150 per kg on increased offtake by industrial units and coin makers.

Marketmen said the upswing was as a result of a firm global trend as US dollar weakened against other currencies after US President Donald Trump said he was not thrilled with the Federal Reserve for raising interest rates.

Globally, gold rose 0.33 per cent to $1,194 an ounce and silver by 0.31 per cent to $14.78 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed Rs 180 each to Rs 30,600 and Rs 30,450 per 10 gram, respectively. The precious metal had gained Rs 170 yesterday. Sovereign however remained flat at Rs 24,400 per piece of eight gram.

Following gold, silver ready rose further by Rs 50 to Rs 38,150 per kg, while weekly-based delivery shed Rs 10 to Rs 36,950 per kg. On the other hand, silver coins continued to be traded at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

BusinessLine