Gold prices soar Rs450 on global cues
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New Delhi: Gold prices rose sharply by Rs450 to regain the Rs29,000-mark and trade at Rs29,100 per 10 grams at the bullion market on Thursday, tracking a firm trend overseas amid fresh buying by local jewellers.
Silver followed suit to recapture the Rs41,000-mark by climbing Rs1,050 to Rs41,350 per kg on increased offtake by industrial units and coin makers.
Bullion traders said a firm trend overseas after the US Federal Reserve raised key lending rates amid increased buying by local jewellers, mainly led to rally in gold prices.
The Federal Reserve, as was widely expected, raised the benchmark interest rate by a quarter percentage point last night, but gave a more dovish outlook for future hikes.
Globally, gold rose by 0.44% to $1,225.10 an ounce and silver by 0.63% to $17.43 an ounce in Singapore.
In the national capital, gold of 99.9% and 99.5% purity surged by Rs450 each to Rs29,100 and Rs28,950 per 10 grams respectively.
The precious metals had lost Rs400 in last two days. Sovereign, also moved up by Rs100 at Rs24,300 per piece of eight grams.
Following gold, silver ready flared up by Rs1,050 to Rs41,350 per kg and weekly-based delivery by Rs1,040 to Rs41,010 per kg.
Silver coins, however, held steady at Rs70,000 for buying and Rs71,000 for selling of 100 pieces.