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 on Friday, largely in tandem with firmin
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 on Friday, largely in tandem with firming trend overseas.
The metal price in Mumbai, however, came almost close to Rs 30,000 as it ended at Rs 29,820 after rising Rs 325 on Friday.
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.
Persistent buying by jewellers to meet the ongoing wedding season demand has also supported the uptrend.
In Delhi, silver also surged by Rs 600 to Rs 41,600 per kg on increased offtake by industrial units and coin makers. In Mumbai, silver (.999 fineness) rose by Rs 785 per kg to finish at Rs 41,875 from Thursday’s Rs 41,090.
Gold in Singapore, which mostly determines the price trend in the Indian market, traded higher at $1,274.24 an ounce from $1,266.26 on Thursday in Singapore.
Silver climbed 1.7 per cent to $17.84 an ounce, the highest since January, 2015. US gold futures for June delivery were up $10.7 an ounce at $1,277. Silver was up 1.4 per cent at $17.77 an ounce.
