Gold price spikes to Rs 31,550, 30-mth high, on buying pick-up

Globally, gold rose 0.2% to $1,352.16 an ounce in Singapore today after surging 1.7% yesterday

Gold price zoomed to Rs 31,550 per 10 grams -- a 30-month high -- by soaring Rs 450 today, tracking a solid trend overseas amid increased buying by jewellers to meet rising demand at the domestic spot market.

Silver weekly-based delivery went past the Rs 47,000-mark by jumping Rs 1,016 to Rs 47,425 per kg on speculative buying while silver ready rallied by Rs 750 to Rs 46,950 per kg.

Traders said sentiment perked up after gold built on its biggest daily increase since June and traded near the highest in almost three weeks as the dollar weakened amid diminishing chances of a US interest rate rise in September, boosting demand for safe haven assets.

Globally, gold rose 0.2 per cent to $1,352.16 an ounce in Singapore today after surging 1.7 per cent yesterday.

Besides, persistent buying by jewellers following pick-up in demand for ornaments at the domestic spot market propped up the upside, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity soared Rs 450 each to Rs 31,550 and Rs 31,400 per 10 grams, respectively, a level last seen on February 26, 2014, when it had stood at Rs 31,500. The precious metal had gained Rs 150 in the previous four days.

Sovereign also shot up by Rs 100 to Rs 24,400 per piece of eight grams.

Tracking rally in gold, silver weekly-based delivery climbed Rs 1,016 to Rs 47,425 per kg on speculative buying. Silver ready also surged by Rs 750 to Rs 46,950 per kg on the back of increased demand from coin makers and other consuming industries.

Silver coins, in line with silver, also traded higher by Rs 1,000 at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.