Gold price hits Rs 30,000-mark on global cues, jewellers buying

Mumbai-India (Jun 16)  Gold prices surged by Rs 580 today to trade above the Rs 30,000-mark at Rs 30,250 per 10 gram, its highest level in over five weeks at the bullion market, largely in tandem with firming global trend.

Furthermore, increased buying by jewellers at the domestic market too supported the upside in the yellow metal.

Silver also recaptured the Rs 42,000-mark by rising Rs 700 to Rs 42,050 per kg backed by increased offtake by industrial units and coin makers.

Sentiment bolstered after gold again went past USD 1,300 to USD 1,309.89 in global markets, its highest since August 2014 as the US Federal Reserve scaled back its outlook for interest rate increase and Chair Janet Yellen signaled rates may stay lower for longer.

Gold in Singapore, which determines the price trend in Indian market, climbed 1.4 per cent to USD 1,309.89 an ounce, its highest since August 2014. Silver too climbed 2 per cent to USD 17.86 an ounce.

Meanwhile, gold prices have surged 23 per cent this year so far on increasing global economic and political risks.

In the national capital, gold of 99.9 and 99.5 per cent purity surged Rs 580 each to Rs 30,250 and Rs 30,100 per ten grams, respectively. The metal had lost Rs 130 yesterday.

Sovereign followed suit and climbed Rs 200 at Rs 23,300 per piece of eight gram.

At futures market, gold for delivery in August contracts was trading Rs 408 or 1.34 per cent higher at Rs 30,852.

Tracking gold, silver ready shot up by Rs 700 Rs 42,050 per kg and weekly-based delivery by Rs 855 to Rs 42,365.

Silver coins, too spurted by Rs 2,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

Source: TheHindu