Gold glitters on global cues, wedding season buying by jewellers, retailers

Gold rose by Rs 200 to trade at an almost three-month high of Rs 30,950 per 10 gram at the bullion market on Tuesday, helped by a firm global trend and pick- up in wedding season buying by local jewellers and retailers.

Silver also rallied by Rs 300 to trade above the Rs 40,000 per kg level on increased offtake by industrial units and coin makers.

Bullion traders said the sentiment got a boost owing to a firming trend overseas where gold rose to the highest since September, as the dollar slumped to three-year lows against a basket of currencies, raising the appeal of the precious metals as a safe haven.

Globally, gold rose 0.42 per cent to $1,343 an ounce and silver by 0.90 per cent to USD 17.36 an ounce in Singapore on Monday.

Besides, a pick-up in buying by local jewellers to meet wedding season demand at domestic spot market also supported the uptick, they said.

Gold rose by Rs 200 to trade at an almost three-month high of Rs 30,950 per 10 gram at the bullion market

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rallied by Rs 200 each to Rs 30,950 and Rs 30,800 per 10 gram, respectively. The precious metal had gained Rs 275 in the previous three days.

Sovereign too gained Rs 50 to trade at Rs 24,750 per piece of eight gram.

Silver ready prices also went up by Rs 300 to Rs 40,200 per kg and weekly-based delivery by Rs 460 to Rs 39,580 per kg.

Silver coins, however, remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.