Gold price spikes to Rs 30,950; at 1-mth high on buying

Gold price today zoomed to one- month high of Rs 30,950 per 10 grams, up Rs 250, tracking a solid trend overseas amid increased buying by domestic jewellers on wedding season demand.
Silver ready went past the Rs 44,000-mark by jumping Rs 900 to Rs 44,100 per kg on speculative buying, while silver weekly-based delivery rallied by Rs 1,015 to Rs 43,725 per kg.
Traders said buying sentiment became strong after gold rose for the fifth day to the highest level in almost a month overseas as the dollar weakened ahead of US Federal Reserve's interest-rate decision.
Globally, gold rose 0.35 per cent to USD 1,292.30 an ounce in Singapore today.

Besides, persistent buying by jewellers following pick-up in demand for ornaments, at the domestic spot market, driven by ongoing wedding season propped up the upside, they said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed Rs 250 each to Rs 30,950 and Rs 30,800 per 10 grams -- a level last seen on October 3, when it had stood at Rs 31,200. It had gained Rs 50 yesterday.

Sovereign, however, fell by Rs 120 to Rs 24,400 per piece of eight grams.
Silver ready soared Rs 900 to Rs 44,100 per kg on higher demand from coin makers and other consuming industries, while silver weekly-based delivery spurted by Rs 1,015 to Rs 43,725 per kg on speculative activity.

Silver coins, in line with silver, also traded higher by Rs 1,000 at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.