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Gold price advances to Rs 29,170 per 10 grams; silver recaptures 40,000-mark

Tracking a firm trend overseas and increased buying by jewellers at domestic markets, gold prices edged up by Rs 10 to Rs 29,170 per 10 grams at the bullion market Thursday.


Gold price advances to Rs 29,170 per 10 grams; silver recaptures 40,000-mark

Zee Media Bureau

New Delhi: Tracking a firm trend overseas and increased buying by jewellers at domestic markets, gold prices edged up by Rs 10 to Rs 29,170 per 10 grams at the bullion market Thursday.

Silver followed suit and recaptured the crucial Rs 40,000- mark by surging Rs 1,000 to Rs 40,500 per kg due to increased offtake by industrial units and coin makers.

Gold prices also spurted by Rs 118 to Rs 29,964 per 10 gram in futures trade as speculators widened their bets taking positive cues from the global market.

At Multi Commodity Exchange (MCX), gold for delivery in far-month October was trading Rs 118 or 0.40 per cent higher at Rs 29,964 per 10 grams.

Traders said sentiment remained strong on the back of a firming trend overseas where the precious metal climbed to a three-week high as the dollar retreated on bets the Federal Reserve will keep interest rates on hold in the coming months.

Gold in New York, which normally determines the price trend in the domestic market, gained 1.55 percent to USD 1,262.50 an ounce and silver surged 4.07 percent to USD 17.01 an ounce in yesterday’s trade.

In the national capital, gold of 99.9 and 99.5 per cent purity inched up by Rs 10 each to Rs 29,170 and Rs 29,020 per ten grams respectively. The precious metal had gained Rs 130 yesterday.

Following gold, silver ready recorded by handsome gains of Rs 1,000 to Rs 40,500 per kg and weekly—based delivery by Rs 1,340 to Rs 40,680 per kg.

With Agency Inputs

 

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