Gold price is determined for both 22K and 24K gold and the sentiments at the global level with weak dollar has pushed the prices of even 22K gold higher to cross the Rs. 30000 mark.
In the international markets, spot gold hit $1350 levels for an ounce, higher by 0.2%. This surge is primarily attributed to dollar index which has moved to 88.99 with a fall of 0.1%.
The Asian stock markets recovered from the earlier jitters which accounted for higher borrowing cost as well as inflation concerns.
In the Indian context, gold of 22 K purity traded higher by Rs. 250 at Rs. 30,230 while 24K gold moved up by Rs. 273 in price to Rs. 32978.
In the week gone by the yellow metal was sold at discount primarily due to the surge in local price.
Silver on the contrary, moved lower in price to Rs. 40,600 per kg, with a decline of Rs. 1100 in a single day.