Gold regains Rs 28,000 mark on seasonal demand, global cues

Sustained buying by jewellers and retailers to meet ongoing wedding season demand amid a firming global trend boosted the sentiment

Continuing its rising streak for the third consecutive day, gold crossed the Rs 28,000 level after over four months by gaining Rs 100 at the bullion market in the national capital today.

The precious metal rose to Rs 28,080 per ten grams largely on the back of sustained buying by jewellers and retailers to meet ongoing wedding season demand amid a firming global trend.

Silver, however, fell by Rs 45 to Rs 39,100 per kg owing to subdued demand at prevailing levels.

Bullion merchants said apart from sustained buying by jewellers and retailers to meet rising wedding season demand, a firming global trend mainly boosted the sentiment.

Gold rose to almost four-month high ahead of European Central Bank policy makers meet to discuss introduction of new stimulus.

Globally, gold shot up by $17.70, or 1.40% to $1,280.30 an ounce in New York on Friday.

In Delhi, gold of 99.9 and 99.5% purity gained another Rs 100 each to Rs 28,080 and Rs 27,880 per ten gram respectively, a level last seen on September 2. The precious metal has gained Rs 660 in the previous two days.

Sovereign, on the other hand, remained unaltered at Rs 23,900 per piece of eight grams.

Silver ready fell by Rs 45 to Rs 39,100 per kg and weekly-based delivery by Rs 90 to Rs 39,070 per kg.

Silver coins remained steady at Rs 63,000 for buying and Rs 64,000 for selling of 100 pieces.