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Gold prices reclaim Rs 29,000-mark, increase by Rs 330 to trade over-month high

Gold prices reclaimed the Rs 29,000-mark by surging Rs 330 to trade at over one-month high of Rs 29,030 per 10 grams, tracking uptrend in the global bullion market and increased buying by local jewellers. Silver also shot up by Rs 350 to Rs 40,750 per kg due to increased offtake by industrial units and coin makers.

Bullion traders said that sentiment got a boost after gold moved up in global markets as weakness in the dollar raised demand for the precious metal as a safe haven. Globally, gold rose 0.43% to $1,185.90 an ounce in Singapore. Besides, increased buying by jewellers at domestic spot market supported the upmove, they added. In the national capital, gold of 99.9 and 99.5% purity climbed Rs 330 each to Rs 29,030 and Rs 28,880 per ten gram, respectively, a level last seen on December 5 when it had closed at Rs 29,050.

The precious metal had shed Rs 40 in Monday’s trade. Sovereign, however, remained unaltered at Rs 24,200 per piece of eight gram in limited deals. Following gold, silver ready also rebounded by Rs 350 to Rs 40,750 per kg and weekly-based delivery by Rs 305 to Rs 40,600 per kg. On the other hand, silver coins maintained steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.