Gold price rises to Rs. 30,830; silver rallies by Rs. 235/kg

Mumbai-India (Oct 11)  Gold surged by Rs. 80 to Rs. 30,830 per ten gram today following uptick in festive season demand from jewellers and retailers at the domestic spot market amid a strong global trend.

Silver too rallied by Rs. 235 to Rs. 41,300 per kg due to higher offtake by industrial units and coin makers.

Bullion traders said gold prices jumped due to surge in festive season demand. Besides, firm global cues where gold rose to a two-week high amid muted dollar after minutes from the US Federal September policy meet revealed low inflation concerns, aided the uptrend.

Globally, gold rose 0.39 per cent to $1,296.10 an ounce in Singapore. Silver too gained 0.44 per cent to trade at $17.23 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs. 80 each to Rs. 30,830 and Rs. 30,680 per ten gram, respectively. The metal had lost Rs. 15 yesterday. Sovereign however remained steady at Rs. 24,700 per piece of eight gram.

In sync with gold, silver ready moved up Rs. 235 to Rs. 41,300 per kg and weekly-based delivery traded higher by Rs. 65 to Rs. 40,330 per kg on speculative buying. Silver coins however remained unchanged at Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

BusinessLine