Markets

Gold hits Rs. 30,000-mark on global cues, jewellers buying

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Gold prices surged by Rs. 580 today to trade above the Rs. 30,000-mark at Rs. 30,250 per 10 gram, its highest level in over five weeks at the bullion market, largely in tandem with firming global trend.

Furthermore, increased buying by jewellers at the domestic market too supported the upside in the yellow metal.

Silver also recaptured the Rs. 42,000-mark by rising Rs. 700 to Rs. 42,050 per kg backed by increased offtake by industrial units and coin makers.

Sentiment bolstered after gold again went past USD 1,300 to USD 1,309.89 in global markets, its highest since August 2014 as the US Federal Reserve scaled back its outlook for interest rate increase and Chair Janet Yellen signaled rates may stay lower for longer.

Gold in Singapore, which determines the price trend in Indian market, climbed 1.4 per cent to USD 1,309.89 an ounce, its highest since August 2014. Silver too climbed 2 per cent to USD 17.86 an ounce.

Meanwhile, gold prices have surged 23 per cent this year so far on increasing global economic and political risks.

In the national capital, gold of 99.9 and 99.5 per cent purity surged Rs. 580 each to Rs. 30,250 and Rs. 30,100 per ten grams, respectively. The metal had lost Rs. 130 yesterday.

Sovereign followed suit and climbed Rs. 200 at Rs. 23,300 per piece of eight gram.

At futures market, gold for delivery in August contracts was trading Rs. 408 or 1.34 per cent higher at Rs. 30,852.

Tracking gold, silver ready shot up by Rs. 700 Rs. 42,050 per kg and weekly-based delivery by Rs. 855 to Rs. 42,365.

Silver coins, too spurted by Rs. 2,000 to Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.

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Printable version | Jan 19, 2020 1:14:05 AM | https://www.thehindu.com/business/markets/Gold-hits-Rs.-30000-mark-on-global-cues-jewellers-buying/article14425907.ece

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