Gold price regains 29,000-mark as Yellen signals gradual approach to rate hikes

New Delhi-India (July 13)  Gold regained the Rs. 29,000-mark by rising Rs. 160 to Rs. 29,050 per 10 grams at the bullion market largely in tandem with a firm global trend and persistent buying by local jewellers.

Silver followed suit and recaptured the Rs. 38,000-level on the back of increased offtake by industrial units and coin makers.

In a testimony to the Congress yesterday, Federal Reserve Chairman Janet Yellen had signalled a gradual approach to future rate hikes, which pushed down the dollar and boosted the appeal of the precious metal.

Globally, gold rose 0.12 per cent to $1,221.50 an ounce in Singapore.

According to traders, persistent buying by local jewellers at the domestic spot market too helped the momentum.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs. 160 each to Rs. 29,050 and Rs. 28,900 per 10 grams, respectively. The prices had gained Rs. 110 yesterday. Sovereign, however, remained flat at Rs. 24,400 per piece of eight grams.

Tracking gold, silver ready strengthened by Rs. 100 to Rs. 38,000 per kg and weekly-based delivery by Rs. 160 to Rs. 37,000 per kg. Silver coins too spurted by Rs. 1,000 at Rs. 71,000 for buying and Rs. 72,000 for selling of 100 pieces

BusinessLine