Gold prices up Rs 400, silver zooms Rs 2400 on global cues

gold dealers

New Delhi: Riding on strong global cues and increased buying by jewellers to meet the ongoing wedding season demand, gold prices flared by INR 400 to INR 29,900 per 10 grams at the bullion market on Thursday.

Silver also soared by INR 2,400 to close at INR 40,900 per kg on hectic demand from industrial units and coin makers.

In the national capital, gold of 99.9 and 99.5 per cent purity recorded a hefty rise of INR 400 each to INR 29,900 and INR 29,750 per ten grams respectively. Sovereign too traded higher by INR 100 to INR 23,200 per piece of eight grams.

Bullion traders said apart from a firming trend overseas, wedding season buying by jewellers as well as retailers, mainly pushed up the prices.

Globally, gold climbed 1.03 per cent to USD 1,257.10 an ounce and silver by 2.72 per cent to USD 17.40 an ounce in Singapore on bets that policy makers will be slow to raise US interest rates, raising demand for the safe-haven assets.

Tracking gold, silver ready regained the INR 40,000 level, spurting by INR 2,400 to INR 40,900 per kg and weekly-based delivery soared by Rs 2,910 to Rs 41,230 per kg.

Silver coins skyrocketed by INR 5,000 to INR 64,000 for buying and INR 65,000 for selling of 100 pieces.

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