Gold price hits 6-week high of Rs 29,450 per 10 grams

New Delhi: Gold prices rose further by Rs 200 to hit six-week high of Rs 29,450 per 10 grams Friday on continued buying by jewellers to meet demand from retailers for the upcoming wedding season.

In the national capital, gold of 99.9 percent and 99.5 percent purity climbed by Rs 200 each to Rs 29,450 and Rs 29,300 per 10 grams, a level last seen on November 29. It had gained Rs 550 in the previous three sessions.

On the other hand, silver ready drifted further lower by Rs 300 to Rs 40,950 per kg and weekly-based delivery by Rs 380 to Rs 40,820 per kg.

MCX gold

At the Multi Commodity Exchange (MCX), gold prices for delivery in February fell by Rs 65, or 0.23 percent, to Rs 28,328 per ten grams.

Analysts attributed the slide in gold futures to a weak trend overseas.

International gold

Globally, gold fell today after hitting a seven-week peak in the previous session as the dollar edged up and a technical correction set in, but it was still set to end higher for a third straight week.

Spot gold had dropped 0.2 percent to USD 1,193.66 per ounce. It touched its strongest since Nov 23 at USD 1,206.98 on Thursday. US gold futures eased 0.5 percent to USD 1,193.80 per ounce.