Gold price rises for 3rd day, settles at Rs 28,350 per 10 grams

New Delhi: Rising for the third straight day, gold prices rose by another Rs 150 to Rs 28,350 per 10 grams Thursday, tracking positive global cues amid continued buying by local jewellers.

On similar lines, silver advanced by Rs 400 to Rs 39,900 per kg on increased offtake by industrial units and coin makers.

At the Multi Commodity Exchange (MCX), gold for delivery in February moved up by Rs 138, or 0.51 percent, to Rs 27,438 per 10 grams.

Market analysts said rise in the precious metal in global markets, influenced gold prices at domestic markets.

Apart from a firming trend overseas, fresh weakness in dollar raised demand for the precious metal as a safe-haven and persistent buying by jewellers in the domestic market mainly kept gold prices higher.

Globally, gold prices rose to their highest in two weeks today, as the US dollar fell, but gains were limited on expectations of more rate hikes by the US Federal Reserve next year.

Spot gold was up 0.5 percent at USD 1,147.56 an ounce, after reaching its highest since Dec 14 at USD 1,149.84 earlier in the session.

The metal was also on track for its biggest one-day rise since Nov 28.

US gold futures were up 0.7 percent at USD 1,148.50 per ounce.

In the national capital, gold of 99.9 percent and 99.5 percent purity surged by Rs 150 each to Rs 28,350 and Rs 28,200 per 10 grams, respectively. The precious metal had rallied by Rs 650 in last two days.

In step with gold, silver ready rose further by Rs 400 to Rs 39,900 per kg and weekly-based delivery by Rs 455 to Rs 39,770 per kg.

With Agency Inputs