Surging for the second day, gold prices shot up by Rs225 to Rs30,350 per 10 grams, its highest since May 10, 2014, at the bullion market on Saturday, tracking a firming trend overseas and helped by jewellers’ buying to meet wedding season demand and for the forthcoming Akshay Tritiya as well.
Silver also zoomed Rs510 to Rs41,550 per kg due to increased off-take by industrial units and coin makers. Traders said sentiment was bolstered as gold had the biggest gain in a week after a report showing slow jobs growth weakened the case for the US Federal Reserve to raise interest rates, increasing appeal for precious metals.
Gold in New York, which mostly determines the price trend in the Indian market, climbed 0.79 per cent to $1,287.70 an ounce and silver by 0.75 per cent to $17.44 an ounce in Friday’s trade.
Moreover, persistent buying by jewellers, an offshoot of ongoing wedding season demand, fuelled the uptrend, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs225 each to Rs30,350 and Rs30,200 per 10 grams, respectively, its highest level in almost two years. The precious metal had edged up by Rs25 on Friday. Sovereign, however, held steady at Rs23,300 per piece of eight grams.
Silver ready too soared Rs510 to Rs41,550 per kg and weekly-based delivery by Rs400 to Rs41,730 per kg. Silver coins, however, continued to be traded at previous level of Rs69,000 for buying and Rs70,000 for selling of 100 pieces.