Gold hits 7-week high on global cues

The Hitavada - - BUSINESS - NEW DELHI, Jan 13 (PTI)

RIS­ING for the third straight day, gold prices jumped by Rs 100 to trade at a sev­en­week high of Rs 30,750 per 10 grams at the bul­lion mar­ket on Satur­day amid a firm trend over­seas and lo­cal buy­ing push. Sil­ver, too, gained Rs 100 to Rs 39,900 per kg, backed by in­creased off­take by in­dus­trial units and coin mak­ers. Apart from pos­i­tive global cues, buoyed by a slump in the dol­lar, sus­tained buy­ing by lo­cal jew­ellers at the do­mes­tic spot mar­ket kept gold prices el­e­vated, bul­lion traders said. Glob­ally, gold rose 1.17 per cent to USD 1,337.40 an ounce and sil­ver spurted 1.44 pr cent to USD 17.21 an ounce in New York in yes­ter­day’s trade. In the Na­tional Cap­i­tal, gold of 99.9 per cent and 99.5 per cent pu­rity ad­vanced by Rs 100 each to Rs 30,750 and Rs 30,600 per 10 grams, re­spec­tively -lev­els last seen on Novem­ber 18. The pre­cious metal had gained Rs 175 in last two days. Sov­er­eign, how­ever, re­mained flat at Rs 24,700 per piece of eight grams. In sim­i­lar fash­ion, sil­ver ready strength­ened by Rs 100 to Rs 39,900 per kg and weekly-based de­liv­ery rose Rs 40 to Rs 39,120 per kg. Sil­ver coins, too, spurted by Rs 1,000 to Rs 74,000 for buy­ing and Rs 75,000 for sell­ing of 100 pieces.

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