Gold prices top Rs29,000 per 10 gm, up Rs160 on firm global cues
Gold prices regain the Rs29,000-mark, rising Rs160 to Rs29,050 per 10 gm, largely in tandem with a firm global trend and persistent buying by jewellers
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New Delhi: Gold regained the Rs29,000-mark by rising Rs160 to Rs29,050 per 10 gm at the bullion market largely in tandem with a firm global trend and persistent buying by local jewellers.
Silver prices followed suit and recaptured the Rs38,000-level on the back of increased offtake by industrial units and coin makers.
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In testimony to the US Congress on Wednesday, Federal Reserve chairman Janet Yellen signalled a gradual approach to future rate hikes, which pushed down the dollar and boosted the appeal of the precious metal.
Globally, gold prices rose 0.12% to $1,221.50 an ounce in Singapore.
Besides, persistent buying by local jewellers at domestic spot market helped the momentum, traders said.
In the national capital, gold of 99.9% and 99.5% purity advanced by Rs160 each to Rs29,050 and Rs28,900 per 10 gm, respectively. The prices had gained Rs110 on Wednesday.
Sovereign, however, remained flat at Rs24,400 per piece of eight grams.
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Tracking gold, silver ready strengthened by Rs100 to Rs38,000 per kg and weekly-based delivery by Rs160 to Rs37,000 per kg.
Silver coins too spurted by Rs1,000 at Rs71,000 for buying and Rs72,000 for selling of 100 pieces.