Rallying for the third straight day, gold climbed by Rs350 to trade above the Rs30,000-mark at Rs30,250 per 10 grams, its highest level in almost two years at the bullion market today, largely in tandem with firming trend overseas.
Moreover, persistent buying by jewellers’ to meet the ongoing wedding season demand too supported the uptrend. Silver also surged by Rs600 to Rs41,600 per kg on increased offtake by industrial units and coin makers. Bullion traders said sentiments improved after gold headed for the biggest weekly advance since February in global markets as the dollar tumbled to a 10-month low, boosting the appeal of alternative assets.
Gold in Singapore, which mostly determines the price trend in the Indian market, traded higher at $1,274.24 an ounce from $1,266.26 on Thursday in Singapore. Silver climbed 1.7 per cent to $17.84 an ounce, the highest since January, 2015.