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Gold hits 4-month high, climbs Rs325 on firm global cues

LiveMint logoLiveMint 25-02-2017 PTI

New Delhi: Gold prices soared by Rs325 to regain the Rs30,000-mark and trade at over 4-month high of Rs30,175 per 10 grams at Delhi bullion market on Saturday, amid a firm overseas trend and wedding season buying by jewellers.

Bullion traders said sentiment got a boost after gold climbed in global markets as weakness in the dollar pushed up demand for precious metals as safe-haven.

Globally, gold rose 0.61% to $1,256.90 an ounce, a level last seen in November last year, and silver rose 0.99% to $18.33 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 and 99.5% purity rose by Rs325 each to Rs30,175 and Rs30,025 per 10 grams respectively, a level last seen on 18 October 2016. Sovereign, however, remained flat at Rs24,500 per piece of eight grams.

Following rally in gold, silver ready also registered a sharp rise of Rs600 to Rs43,800 per kg and weekly-based delivery recaptured the Rs43,000-mark by rising Rs760 to Rs43,350 per kg. Silver coins too spurted by Rs1,000 to Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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