Gold jumps to three-week high on strong global cues
New Delhi-INDIA (Sept 28) Snapping two-day losing trend, gold prices climbed to nearly three-week high by surging Rs1,000 per ten grams in the national capital on Saturday on brisk buying by stockists, driven by strong global cues.
While gold shot up Rs1,000 to Rs31,200, a level last seen on 11 September, silver jumped up by Rs1,225 to Rs49,680 per kg on increased offtake by industrial units and coin makers.
Bullion merchants said sentiment bolstered as stockists indulged in enlarging their positions to meet the upcoming festival and marriage season demand next week. Demand is likely to pick up on beginning of ‘Navratras,’ an auspicious week in Hindu mythology for making fresh purchases.
They said a firm global trend on concerns the US Federal Reserve might trim economic stimulus, triggered buying of precious metals as an alternate investment.
Gold in New York, which normally set price trend on the domestic front rose by 1.1% to $1,339.20 an ounce and silver by 0.3% to $21.83 an ounce.
On the domestic front, gold of 99.9 and 99.5% purity surged by Rs1,000 each to Rs31,200 and Rs31,000 per ten grams, respectively.
The yellow metal had lost Rs345 in last two trading sessions. Sovereign also rose by Rs100 to Rs25,100 per piece of eight gram.
Silver ready zoomed up by Rs1,225 to Rs49,680 per kg and weekly-based delivery by Rs1,245 to Rs49,600 per kg. It had lost Rs 875 in the previous two sessions. Silver coins spurted by Rs2,000 to Rs86,000 for buying and Rs87,000 for selling of 100 pieces
