Gold rises to Rs. 28,890 on firm global cues, spot demand

New Delhi-India  (July 12)  Gold prices surged Rs. 110 to Rs. 28,890 per 10 grams today, riding largely on a firm trend overseas, along with increased buying by local jewellers.

Silver also advanced by Rs. 700 to Rs. 37,900 per kg backed by increased offtake by industrial units and coin makers.

Traders said that besides a firm global trend as a drop in equities drove safe-haven buying and as the US dollar retreated, increased buying by local jewellers at the domestic market boosted gold prices.

Globally, gold rose 0.15 per cent to $1,219 an ounce in Singapore. Silver too gained 0.35 per cent to $15.89 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed Rs. 110 each to Rs. 28,890 and Rs. 28,740 per 10 grams, respectively.

Sovereign also traded higher by Rs. 100 to Rs. 24,400 per piece of eight grams.

Following gold, silver ready spurted further by Rs. 700 to Rs. 37,900 per kg, and weekly-based delivery by Rs. 590 to Rs. 36,840 per kg. Silver coins too flared up by Rs. 1,000 to Rs. 70,000 for buying and Rs. 71,000 for selling of 100 pieces

BusinessLine