Gold price firms up to near 30K; silver regains Rs. 43,000-mark

Mumbai-India (April 14)  Gold prices rose for the fourth straight session by Rs. 100 to Rs. 29,950 per 10 grams at the bullion market today on account of continued buying by local jewellers and a firm trend overseas.

Silver also reclaimed the Rs. 43,000-mark per kg by gaining Rs. 100 on the back of increased offtake by industrial units and coin makers.

Traders said sentiment remained firm largely in line with positive global cues and continued buying by local jewellers to meet the wedding season demand at the domestic spot market.

Globally, gold rose 0.09 per cent to $1,287.80 an ounce and silver by 0.33 per cent to $18.52 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose further by Rs. 100 each to Rs. 29,950 and Rs. 29,800 per 10 grams, respectively. It had gained Rs. 560 in the previous three days.

Sovereign, however, remained flat at Rs. 24,500 per piece of eight grams.

Silver ready also moved up by Rs. 100 to Rs. 43,000 per kg and weekly-based delivery by Rs. 120 to Rs. 42,570 per kg.

Silver coins, however, continued to be traded at previous level of Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.

Source: BusinessLine