Festive cheer, global cues keep gold up at Rs 30,600

More buying by local jewellers amid festive cheer coupled with firm global cues shot up gold prices to Rs 30,600 per 10 gram at the bullion market today.

While the yellow metal rose by Rs 180, silver gained Rs 50 to Rs 38,150 per kg on increased offtake by industrial units and coin makers.

Marketmen said the upswing was a result of a firm global trend where gold rose on a weaker US dollar, after US President Donald Trump said he was not thrilled with the Federal Reserve for raising interest rates.

Globally, gold rose 0.33 per cent to USD 1,194 an ounce and silver by 0.31 per cent to USD 14.78 an ounce in Singapore.

Moreover, persistent buying by local jewellers to meet the ongoing festive season demand at the domestic spot market kept the prices higher, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed Rs 180 each to Rs 30,600 and Rs 30,450 per 10 gram, respectively. The precious metal had gained Rs 170 yesterday.

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

Following gold, silver ready rose further by Rs 50 to Rs 38,150 per kg, while weekly-based delivery shed Rs 10 to Rs 36,950 per kg.

On the other hand, silver coins continued to be traded at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.