Gold price tops Rs 29,000-mark, up Rs 160 on firm global cues

New Delhi: Gold regained the Rs 29,000-mark by rising Rs 160 to Rs 29,050 per 10 grams at the bullion market Thursday largely in tandem with a firm global trend and persistent buying by local jewellers.

Silver followed suit and recaptured the Rs 38,000-level on the back of increased offtake by industrial units and coin makers.

In testimony to the Congress yesterday, 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 rose 0.12 percent to USD 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 percent purity advanced by Rs 160 each to Rs 29,050 and Rs 28,900 per 10 grams, respectively. The prices had gained Rs 110 yesterday.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams.

Tracking gold, silver ready strengthened by Rs 100 to Rs 38,000 per kg and weekly-based delivery by Rs 160 to Rs 37,000 per kg.

Silver coins too spurted by Rs 1,000 at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.