Gold spurts on festive cheer, global cues
In New Delhi, gold of 99.9 percent and 99.5 percent 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.
Gold surged by Rs 80 to Rs 30,830 per ten grams today, following an uptick in the 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 on higher offtake by industrial units and coin makers.
Bullion traders said prices spurted due to a surge in festive demand. Besides, firm global cues where gold rose to two-week high amid muted dollar after minutes from the US Federal September policy meeting revealed low inflation concerns, helped the uptrend.
Globally, gold rose 0.39 percent to USD 1,296.10 an ounce in Singapore. Silver too gained 0.44 percent to trade at USD 17.23 an ounce.
In the national capital, gold of 99.9 percent and 99.5 percent 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.