Gold price keeps upward trend, hits 2-week high on global cues

Mumbai-India (Oct 20)  For the third day, gold prices rose on Thursday, firming up by Rs.160 to trade at two-week high of Rs.30,540 per 10 grams driven by persistent buying by jewellers at domestic spot market and firm global trends.

Silver also recovered by Rs.150 to Rs.42,700 per kg backed by increased offtake by industrial units and coin makers.

Sentiment bolstered after gold advanced to its highest level in two weeks highest level in global markets as a weakening dollar attracted buyers in exchange-traded funds backed by the metal amid mounting speculation that the US interest-rate increases will be gradual.

Globally, gold rose by 0.53 per cent to $1,268.90 an ounce and silver by 0.34 per cent to $17.65 an ounce in New York in Wednesday's trade.

Besides, persistent buying by jewellers at domestic spot market to meet wedding season demand supported the upside, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity surged by Rs.160 to Rs.30,540 and Rs.30,390 per ten grams, respectively, a level last seen on October 5. The precious metal has gained Rs.130 in last two days.

Sovereign went up by Rs.100 at Rs.24,400 per piece of eight grams.

Silver ready rebounded by Rs.150 to Rs.42,700 per kg and weekly-based delivery by Rs.110 to Rs.42,270 per kg.

Silver coins, however, continued to be traded at the previous level of Rs.73,000 for buying and Rs.74,000 for selling of 100 pieces.

Source: TheStatesman