Gold spurts on festive cheer, global cues

Gold surged by Rs 80 to Rs 30,830 per ten gram following uptick in festive season demand.

New Delhi: Gold surged by Rs 80 to Rs 30,830 per ten gram on Thursday following uptick in festive season demand from jewellers and retailers at the domestic spot market amid a strong global trend.

Silver too rallied by Rs 235 to Rs 41,300 per kg on higher offtake by industrial units and coin makers.

Bullion traders said prices spurted due to surge in festive demand. Besides, firm global cues where gold rose to two-week high amid muted dollar after minutes from the US Federal September policy meet revealed low inflation concerns, helped the uptrend.

Globally, gold rose 0.39 percent to USD 1,296.10 an ounce in Singapore. Silver too gained 0.44 percent to trade at USD 17.23 an ounce.

In the national capital, gold of 99.9 percent and 99.5 percent purity recovered by Rs 80 each to Rs 30,830 and Rs 30,680 per ten gram, respectively. The metal had lost Rs 15 yesterday.

Sovereign however remained steady at Rs 24,700 per piece of eight gram.

In sync with gold, silver ready moved up Rs 235 to Rs 41,300 per kg and weekly-based delivery traded higher by Rs 65 to Rs 40,330 per kg on speculative buying.

Silver coins however remained unchanged at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.