Gold hits two-week high at Rs 30,540 on festive rush

Buoyed by a global uptrend and strong festive season demand, gold rose for the third day today by gaining Rs 160 to trade at Rs 30,540 per 10 grams -- a two-week high.
Silver also recovered by Rs 150 to Rs 42,700 per kg, backed by increased off-take by industrial units and coin makers.
Sentiment was bolstered after gold advanced to the highest in two weeks in the global market as a weakening dollar pushed buyers to exchange-traded funds backed by the metal amid speculation that a hike in US interest rate will be gradual.
Globally, gold rose 0.53 per cent to USD 1,268.90 an ounce and silver by 0.34 per cent to USD 17.65 an ounce in New York in yesterday's trade.

Besides, persistent buying by jewellers at the domestic spot market to meet wedding season demand supported the upside, they said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity went up Rs 160 to Rs 30,540 and Rs 30,390 per 10 grams, respectively, a level last seen on October 5. The precious metal had gained Rs 130 over the last two days.

Sovereign went up by Rs 100 to Rs 24,400 per piece of eight grams.
Silver ready rebounded by Rs 150 to Rs 42,700 per kg and weekly-based delivery by Rs 110 to Rs 42,270 per kg.

Silver coins, however, continued to be traded at the previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.