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Economy Jul 31, 2013

Gold shoots up again, regains Rs 29,000 level after 4 months

NEW DELHI: Gold today regained the Rs 29,000 level after nearly four months by surging Rs 755 to Rs 29,200 per 10 grams in the national capital on brisk buying by stockists and investors driven by firming global trend.

Silver also zoomed up by Rs 915 to Rs 42,260 per kg on increased offtake by industrial units and coin makers.

The sentiment bolstered after gold climbed in global markets as investors awaited the conclusion of a Federal Reserve meeting on whether the central bank may start reducing its stimulus program in the coming months, traders said.

The sentiment bolstered after gold climbed in global markets as investors awaited the conclusion of a Federal Reserve meeting on whether the central bank may start reducing its stimulus program in the coming months, traders said. Reuters

The sentiment bolstered after gold climbed in global markets as investors awaited the conclusion of a Federal Reserve meeting on whether the central bank may start reducing its stimulus program in the coming months, traders said. Reuters

Gold in Singapore, which normally sets the price trend on the domestic front, rose by one per cent to $ 1,339.74 an ounce and silver by 1.4 percent to $ 20.01 an ounce.

Weak rupee against us dollar which make the import of the precious metals costlier and investors shifting funds from melting equities also influenced the sentiment.

On the domestic front, gold of 99.9 and 99.5 percent purity spurted by Rs 755 each to Rs 29,200 and Rs 29,000 per 10 grams, respectively, a level last seen on April 12.

However, sovereigns held steady at Rs 24,400 per piece of eight grams in scattered deals.

In a similar fashion, silver ready jumped up by Rs 915 to Rs 42,260 per kg and weekly-based delivery by Rs 1040 to Rs 42,160 per kg respectively.

PTI

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