Gold price crosses Rs29,000 mark, up Rs505 on global cues

New Delhi-India (Jun 4)  Gold rebounded from over 3-month low by spurting Rs.505 to trade at Rs.29,225 per 10 gram in Delhi bullion market on Saturday, on bullish global cues. Pick up in buying by jewellers at the domestic spot market too influenced the precious metal prices.

Bullion traders said that sentiment bolstered as gold climbed in the international markets after the US added fewest workers in almost six years, weakening the case for the Federal Reserve to raise interest rates.

Acceleration in buying by jewellers at the domestic markets, too supported gold to went past Rs.29,000 mark, they said.

Gold in New York, which mostly determines the price trend in the Indian market, shot up by 2.73% to $1,243.50 an ounce and silver by 2.69% to $16.39 an ounce in Friday's trade.

In the national capital, gold of 99.9 and 99.5% purity soared by Rs.505 each to Rs.29,225 and Rs.29,075 per ten grams, respectively. The precious metal had lost Rs.280 in last two days. Sovereign, however, held steady at Rs.22,800 per piece of eight grams.

Tracking rally in gold, silver ready also registered a handsome gain of Rs.400 to Rs.39,200 per kg and weekly-based delivery by Rs.490 to Rs.39,080 per kg. Silver coins also spurted by Rs.1,000 to Rs.67,000 for buying and Rs.68,000 for selling of 100 pieces.

Source: LiveMint