Gold price surges to over 2-week high of Rs. 26,850

New Delhi-India (Sept 24)  Gold surged by Rs. 310 to trade at over two-week high of Rs. 26,850 per ten grams at the bullion market today, tracking a firm trend overseas amid increased buying by jewellers and retailers, driven by ongoing wedding season demand.

Silver also recovered by Rs. 225 to Rs. 35,400 per kg on increased offtake by industrial units and coin makers.

Bullion traders said apart from a firm trend overseas, increased buying by jewellers to meet the wedding season demand, mainly helped gold to trade higher.

Globally, gold rose 0.5 per cent to $1,135.96 an ounce in Singapore, ahead of a speech from Federal Reserve chief Janet Yellen, which will provide more clarity on the bank’s plans for an interest rate hike. Silver also rose 0.5 per cent to $14.85 an ounce.

In the national capital, gold of 99.9 and 99.5 per cent purity climbed by Rs. 310 each to Rs. 26,850 and Rs. 26,700 per ten grams, respectively, a level last seen on September 7.

Sovereign followed suit and gained Rs. 100 to Rs. 22,400 per eight grams.

Tracking gold, silver ready spurted by Rs. 225 to Rs. 35,400 per kg and weekly-based delivery by Rs. 170 to Rs. 35,495 per kg.

On the other hand, silver coins, however, held steady at Rs. 52,000 for buying and Rs. 53,000 for selling of 100 pieces.

Source:  TheHindu