Gold up by Rs 125 to regain Rs 30K level

Last Updated: Wed, Mar 13, 2013 10:06 hrs

Gold on Wednesday gained Rs 125 to Rs 30,000 per 10 grams on increased buying by stockists driven by a firming global trend.

Silver also moved up by Rs 100 to Rs 55,100 per kg on increased offtake by industrial units and coin makers.

Traders said increased buying by stockists in tadem with a firming global trend mainly led an upward journey in gold for the third day.

Gold prices in New York, which normally sets the price trend on the domestic front, rose by USD 10.90 to USD 1,592.70 an ounce and silver by 0.55 per cent to USD 29.15 an ounce.

In addtion, some investors shifting their funds from weakening equity to rising bullion further supported the uptrend,they said.

On the domestic front, gold of 99.9 and 99.5 per cent purity rose further by Rs 125 each to Rs 30,000 and Rs 29,800 per 10 grams, respectively. The yellow metal had gained Rs 55 in last two sessions. Sovereigns continued to be asked around previous level of Rs 25,250 per piece of eight grams.

In line with a general firm trend, silver ready went up by Rs 100 to Rs 55,100 per kg and weekly-based delivery by Rs 155 to Rs 54,850 per kg, respectively. Silver coins also spurted by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces on upsurge in demand.

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