Gold jumps to three-week high on strong global cues

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Snapping 2-day losing trend, gold prices climbed to nearly 3-week high by surging Rs 1,000 per 10 grams in the national capital on Saturday on brisk buying by stockists, driven by strong global cues.

While gold shot up Rs 1,000 to Rs 31,200, a level last seen on September 11, silver jumped up by Rs 1,225 to Rs 49,680 per kg on increased offtake by industrial units and coin makers.

Bullion merchants said sentiment bolstered as stockists indulged in enlarging their positions to meet the upcoming festival and marriage season demand next week.

Demand is likely to pick up on beginning of ‘Navratras,’ an auspicious week in Hindu mythology for making fresh purchases.

They said a firm global trend on concerns the US Federal Reserve might trim economic stimulus, triggered buying of precious metals as an alternate investment.

Gold in New York, which normally set price trend on the domestic front rose by 1.1 per cent to $ 1,339.20 an ounce and silver by 0.3 per cent to $ 21.83 an ounce.

On the domestic front, gold of 99.9 and 99.5 per cent purity surged by Rs 1,000 each to Rs 31,200 and Rs 31,000 per 10 grams, respectively. The yellow metal had lost Rs 345 in last 2 trading sessions. Sovereign also rose by Rs 100 to Rs 25,100 per piece of 8 gram.

Silver ready zoomed up by Rs 1,225 to Rs 49,680 per kg and weekly-based delivery by Rs 1,245 to Rs 49,600 per kg. It had lost Rs 875 in the previous 2 sessions.

Silver coins spurted by Rs 2,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.

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