New Delhi: Gold prices again crossed the
Rs 29,000-mark to hit over two-month high by rising Rs 300 to
Rs 29,100 per ten gram in the national capital on Friday, mostly
in tandem with a firming trend overseas as worsening tensions
in Iraq fuelled safe-haven demand.
In addition, rising physical demand in view of festive
season and depreciating rupee that slumped to five-month low
supported the upside in the precious metal prices.
The rupee was trading lower at Rs 61.38 after dipping to
Silver also rose by another Rs 200 to Rs 44,700 per kg on
increased offtake by industrial units and coin makers.
Traders said besides festive season demand from jewellers
and stockists, a firming global trend where gold advanced to
three-week high, as haven demand increased on unrest in the
Middle East and tension over Ukraine, buoyed the sentiment
They said costlier imports following weakness in the
rupee too influenced gold prices.
Globally, gold in Singapore, which normally sets price
trend on the domestic front, rose 0.7 per cent to USD 1,322.14
an ounce, the highest since July 18. Silver also advanced 0.6
per cent to USD 20.08 an ounce.
In Delhi, gold of 99.9 and 99.5 per cent purity surged by
Rs 300 each to Rs 29,100 and Rs 28,900 per ten gram
respectively, a level last seen on May 21. The yellow metal
had gained Rs 410 in the previous two sessions.
Sovereign followed suit and advanced by Rs 100 to Rs
25,000 per piece of eight gram.
In a similar fashion, silver ready rose further by Rs 200
to Rs 44,700 per kg and weekly-based delivery by Rs 140 to Rs
44,180 per kg. The white metal had gained Rs 450 yesterday.
Silver coins, however, remained flat at Rs 77,000 for
buying and Rs 78,000 for selling of 100 pieces.