Gold hits 7-week high on global cues

Rising for the third straight day, gold prices jumped by Rs 100 to trade at a seven-week high of Rs 30,750 per 10 grams at the bullion market today amid a firm trend overseas and local buying push.

Silver too gained Rs 100 to Rs 39,900 per kg, backed by increased offtake by industrial units and coin makers.

Apart from positive global cues, buoyed by a slump in the dollar, sustained buying by local jewellers at the domestic spot market kept gold prices elevated, bullion traders said.

Globally, gold rose 1.17 per cent to USD 1,337.40 an ounce and silver spurted 1.44 pr cent to USD 17.21 an ounce in New York in yesterday's trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 100 each to Rs 30,750 and Rs 30,600 per 10 grams, respectively -- levels last seen on November 18. The precious metal had gained Rs 175 in last two days.

Sovereign, however, remained flat at Rs 24,700 per piece of eight grams.

In similar fashion, silver ready strengthened by Rs 100 to Rs 39,900 per kg and weekly-based delivery rose Rs 40 to Rs 39,120 per kg.

Silver coins too spurted by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.