Global Cues, Wedding Season Continue To Make Gold Dearer

Gold surged for the sixth straight day today, soaring by Rs 95 to trade over five-month high of Rs 27,670 per ten grams on positive global cues and wedding season demand. It is the longest winning streak for the yellow metal this year.

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Global Cues, Wedding Season Continue To Make Gold Dearer

Silver also extended the gains for the third day and added Rs 100 to Rs 35,800 per kg following increased offtake by industrial units and coin makers.

Marketmen said a firming global trend as the dollar extended losses amid fading expectations of a US rate hike this year, boosting appeal of the precious metal, mainly kept gold prices higher.

The dollar’s retreat has been sparked by tepid US data, raising concerns over the strength of the economy and dampening expectations of further rate increase this year. Globally, gold was trading higher at USD 1,155.95 an ounce in Singapore.

The precious metal ended higher by 1.14 per cent to USD 1,155.40 an ounce in New York in yesterday's trade. Besides, persistent buying by jewellers and retailers at the domestic spot market driven by wedding season demand fuelled the uptrend, they said.

In the national capital, gold of 99.9 and 99.5 per cent purity rose further by Rs 95 each to Rs 27,670 and Rs 27,520 per ten grams respectively. It had gained Rs 525 in last five days. Sovereign, however, remained steady at Rs 22,600 per piece of eight grams.

Tracking gold, silver ready edged up by Rs 100 to Rs 35,800 per kg and weekly-based delivery by Rs 225 to Rs 35,825 per kg. On the other hand, silver coins held steady at Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.


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