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Gold Rises to Over 2-Month High on Global Cues

Rising for the fourth straight day, gold prices rose by Rs 70 to trade at an over two-month high of Rs 27,570 per 10 grams at the bullion market on Wednesday amid a firming trend overseas and increased demand from jewellers.
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Gold Rises to Over 2-Month High on Global Cues

New Delhi: Rising for the fourth straight day, gold prices rose by Rs 70 to trade at an over two-month high of Rs 27,570 per 10 grams at the bullion market on Wednesday amid a firming trend overseas and increased demand from jewellers.

Besides, silver prices gained Rs 250 to Rs 37,550 per kg on increased offtake by industrial units and coin makers.

Bullion merchants said the persistent rise in gold prices is mostly due to a firming trend in global markets as concerns over European economy mounted, spurring demand for safe haven, and increased buying by jewellers to meet wedding season demand at domestic spot markets.

Globally, gold in New York, which normally sets price trend on the domestic front, climbed 1.18 per cent to $1,219.30 an ounce and silver was up by 2.22 per cent to $16.65 an ounce in Tuesday's trade.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 70 each to Rs 27,570 and Rs 27,370 per 10 grams, a level not seen since October 29, 2014. It gained Rs 475 in previous three sessions.

Sovereign, however, held steady at Rs 23,800 per piece of 8 grams.

In line with a general firming trend, silver ready moved up by Rs 250 to Rs 37,550 per kg and weekly-based delivery by Rs 410 to Rs 37,610 per kg.

On the other hand, silver coins were unaltered at Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces.



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