Gold price rises for 3rd day, hits 2-week high of Rs 30,540 per 10 grams

Gold price rose for the third consecutive day on Thursday and ended up by Rs 160 at its two-week high of Rs 30,540 per 10 grams on jewellers buying, tracking a firming trend overseas.

Last Updated: Oct 20, 2016, 17:24 PM IST
Gold price rises for 3rd day, hits 2-week high of Rs 30,540 per 10 grams

Zee Media Bureau

New Delhi: Gold price rose for the third consecutive day on Thursday and ended up by Rs 160 at its two-week high of Rs 30,540 per 10 grams on jewellers buying, tracking a firming trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in December moved higher by Rs 89, or 0.30 percent, to Rs 29,990 per 10 grams.

Sentiment bolstered after gold advanced to its highest level in two weeks highest level in global markets as a weakening dollar attracted buyers in exchange-traded funds backed by the metal amid mounting speculation that the US interest-rate increases will be gradual.

Globally, gold rose by 0.53 percent to USD 1,268.90 an ounce and silver by 0.34 percent to USD 17.65 an ounce in New York in yesterday's trade.

Besides, persistent buying by jewellers at domestic spot market to meet wedding season demand supported the upside, they said.

In the national capital, gold of 99.9 and 99.5 percent purity surged by Rs 160 to Rs 30,540 and Rs 30,390 per ten grams, respectively, a level last seen on October 5. The precious metal has gained Rs 130 in last two days.

Silver ready rebounded by Rs 150 to Rs 42,700 per kg and weekly-based delivery by Rs 110 to Rs 42,270 per kg.

With PTI Inputs