Gold rises by Rs 145 to 8-week high on firm global cues

Gold prices today rose by Rs 145 to regain the Rs 19,000 level after eight weeks in the bullion market here on frantic buying by stockists and jewellers after firming global trends. 

Extending the gains for the 11th straight day, the precious metal rose by Rs 145 to trade at Rs 19,110 per ten gram, a level last seen on July 1.

Marketmen said gold mirrored its gains in global markets where the precious metal advanced further after investors shifted funds to bullion from falling equity markets. 

Buying by stockists and jewellers to meet the demand during the ongoing festival season also jacked up the gold prices, they added.

Gold 99.9 and 99.5 per cent purity jumped up by Rs 145 to to Rs 19,110 and Rs 19,010 per ten gram respectively. Sovereigns also gained Rs 100 to Rs 14,900 per piece of eight grams.

In line with a general firming trend, silver ready spurted by Rs 650 to Rs 29,850 per kg and weekly-based delivery by Rs 740 to Rs 29,625 per kg on speculative buying.

Silver coins also gained Rs 100 to Rs 34,600 for buying and Rs 34,700 for selling of 100 pieces.