Gold tops Rs 30,000 mark, hits two-year high on global cues

Friday, Apr 29, 2016,15:01 IST By Metrovaartha A A A

New Delhi | Rallying for the third straight day, gold climbed by Rs 350 to trade above the Rs 30,000-mark at Rs 30,250 per 10 grams, its highest level in almost two years at the bullion market today, largely in tandem with firming trend overseas.

Moreover, persistent buying by jewellers’ to meet the ongoing wedding season demand too supported the uptrend. Silver also surged by Rs 600 to Rs 41,600 per kg on increased offtake by industrial units and coin makers.

Bullion traders said sentiments improved after gold headed for the biggest weekly advance since February in global markets as the dollar tumbled to a 10-month low, boosting the appeal of alternative assets. Gold in Singapore, which mostly determines the price trend in the Indian market, traded higher at USD 1,274.24 an ounce from USD 1,266.26 on Thursday in Singapore.

Silver climbed 1.7 per cent to USD 17.84 an ounce, the highest since January, 2015. In the national capital, gold of 99.9 and 99.5 per cent purity soared by Rs 350 each to Rs 30,250 and Rs 30,100 per ten grams respectively, a level last seen on May 13, 2014.

The precious metal had gained Rs 325 in the previous two sessions. Sovereign, however, held steady at Rs 23,300 per piece of eight grams. Tracking rally in gold, silver ready also registered a handsome gain of Rs 600 to Rs 41,600 per kg and weekly-based delivery by Rs 890 to Rs 41,435 per kg. Silver coins also spurted by Rs 1,000 to Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces.