Gold price snaps 4-day losing streak, rises to Rs 30,750 per 10 grams

New Delhi: Gold prices on Wednesday made a turnaround after four days of losses, jumping Rs 150 to Rs 30,750 per 10 grams, taking strength from positive global leads and increased buying by local jewellers.

Silver too firmed up by Rs 400 to Rs 40,900 per kg, backed by higher demand from industrial units and coin makers.

A firm trend developed overseas as the dollar weakened and investors looked forward to the US Federal Reserve's interest rate decision later today. Besides, domestic jewellers stepped up buying to meet festive season demand at the spot market, which fuelled the uptrend.

At the Multi Commodity Exchange (MCX), gold for delivery in October traded higher by Rs 129 or 0.44 percent to Rs 29,750 per ten grams.

Globally, gold inched higher in range-bound trade today as the dollar wavered, with investors cautious ahead of the outcome of a two-day Federal Reserve meeting in the United States. Spot gold had risen 0.2 percent to USD 1,313.50 an ounce. US gold futures for December delivery were up 0.5 percent at USD 1,317.40 an ounce.

In the national capital, gold of 99.9 percent and 99.5 percent purity rose by Rs 150 each to Rs 30,750 and Rs 30,600 per 10 grams, respectively. The precious metal had lost Rs 400 in the previous four days.

Sovereign, however, remained flat at Rs 24,700 per piece of eight grams.

In line with the overall trend, silver ready bounced back by Rs 400 to Rs 40,900 per kg and weekly-based delivery by Rs 530 to Rs 40,320 per kg.

Silver coins, however, continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.