Gold price at over one-week high on global cues, seasonal demand

New Delhi-India (Sept 19)  Gold spurted to hit over one-week high at Rs 26,675 per ten grams by gaining Rs 75 at the bullion market today amid a firming global trend and increased buying by jewellers to meet seasonal demand.

 Silver extended its gains for the fourth day by adding Rs 100 to Rs 35,900 per kg on increased buying by industrial units and coin makers.

 Federal Reserve's status quo on interest rates, pickup in buying by jewellers and retailers, driven by ongoing festive and wedding season, mainly resulted in the rise of precious metals prices.

 Globally, gold gained 1.9 per cent to settle at USD 1,137.80 an ounce, after touching USD 1,141.50, the highest since September 2 in New York in yesterday's trade.

 In the national capital, gold of 99.9 and 99.5 per cent purity rose by Rs 75 each to trade at over one-week high of Rs 26,675 and Rs 26,525 per ten grams, respectively, a level last seen on September 9.

 Sovereign also edged up by Rs 100 to Rs 22,300 per piece of eight grams.

 Following gold, silver ready advanced by Rs 100 to Rs 35,900 per kg and weekly-based delivery by Rs 90 to Rs 36,070 per kg.

 Silver coins soared by Rs 2,000 to Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces on upsurge in demand.

Source: Business-Standard