Gold price rises to Rs. 30,400 on global cues, spot demand

Mumbai-India (Sept 3)  Gold prices rallied for the second day on the back of positive global cues, rising by Rs. 200 to Rs. 30,400 per ten gram at the bullion market today. Besides, persistent buying by local jewellers to meet the increased demand helped the upswing.

Silver too gained Rs. 300 to Rs. 41,500 per kg due to increased offtake by industrial units and coin makers.

Marketmen said apart from a firm trend overseas where gold surged after the US jobs data for August fell short of expectations, increased buying by local jewellers at the domestic spot market kept the prices higher.

Globally, gold rose 0.27 per cent to $1,324.40 an ounce and silver by 0.91 per cent to $17.70 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. 200 each to Rs. 30,400 and Rs. 30,250 per ten gram, respectively. It had gained Rs. 150 yesterday. Sovereign however remained unaltered at Rs. 24,600 per piece of eight gram.

Tracking gold, silver ready rose further by Rs. 300 to Rs. 41,500 per kg and weekly-based delivery by Rs. 240 to Rs. 40,020 per kg. Silver coins however remained unaltered at Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.

BusinessLine