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Gold tops Rs 29,000-level again on global cues, domestic demand

PTI     February 19, 2016

Riding on a firm global trend and strong demand from domestic jewellers, gold prices shot up by Rs 540, topping the 29,000 mark again, to close at Rs 29,290 per 10 grams.

Silver also shot up by Rs 375 to Rs 37,475 per kg on increased offtake by industrial units and coin makers. At the bullion market here, gold of 99.9 and 99.5 per cent purity zoomed by Rs 540 each to Rs 29,290 and Rs 29,140 per ten gram respectively - a level last seen on February 13, when it had touched the multi-month high.

Sovereign too rose in sympathy with gold and traded Rs 100 higher at Rs 23,000 per piece of eight gram. Gold prices again crossed Rs 29,000 per 10 gram level largely in tune with firming trends overseas and wedding season buying by jewellers as well as retailers, bullion traders said.

Globally, gold climbed 1.85 per cent to $1,230.70 an ounce and silver by 0.75 per cent to $15.38 an ounce in New York in yesterday's trade.

Following gold, silver ready also spurted by Rs 375 to Rs 37,475 per kg and weekly-based delivery by Rs 415 to Rs 37,510 per kg. On the other hand, silver coins were unaltered at Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.

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