Gold prices surge to hit past Rs 29,000 level

Mumbai-India (Feb 6)  Gold prices on Monday regained the Rs29,000-mark by soaring Rs110 per 10 grams at the bullion market on Monday on a firming trend overseas amid increased buying by jewellers to meet the ongoing wedding season demand.

Silver also regained the Rs42,000-mark by rising Rs490 per kg on increased offtake by industrial units and coin makers.

Standard gold (99.5 purity) rose by Rs110 to end at Rs29,105 per 10 grams from last Friday’s closing level of Rs28,995. Pure gold (99.9 purity) also jumped by a similar margin to finish at Rs29,255 per 10 grams as against Rs29,145.

Silver (.999 fineness) shot-up by Rs490 to close at Rs42,365 from Rs41,875 earlier. Globally, gold rose towards the 11-week highs hit last week as worries about the political landscape in the United States and Europe and a subdued dollar reinforced investor interest.

Spot gold rose 0.2% to $1,222.74 an ounce at early trade, having earlier hit $1,225.06, within touching distance of last week’s peak of $1,225.30. Spot silver rose 0.5% to $17.55 an ounce.

Source: LiveMint