Gold price jumps to Rs. 29,050; silver regains Rs. 38K-mark

Mumbai-Inida (July 15)  Gold prices shot up Rs. 190 to Rs. 29,050 per ten gram at the bullion market today on firm cues from global markets and increased buying by local jewellers.

Silver also regained the Rs. 38,000-mark on increased offtake by industrial units and coin makers.

Marketmen said a firm trend overseas and increased buying by local jewellers at the domestic spot market led to the rise in gold prices.

Globally, gold rose 0.91 per cent to $1,228.40 an ounce and silver by 1.82 per cent to $15.96 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs. 190 each to Rs. 29,050 and Rs. 28,900 per ten gram respectively. It had lost Rs. 190 in yesterday’s trade.

Sovereign, however, remained flat at Rs. 24,400 per piece of eight gram in scattered deals.

Tracking gold, silver ready went up by Rs. 600 to Rs. 38,000 per kg and weekly-based delivery by Rs. 625 to Rs. 37,000 per kg. Silver coins too spurted Rs. 1,000 to Rs. 70,000 for buying and Rs. 71,000 for selling of 100 pieces

BusinessLine