11:25 am - Sunday May 26, 2024

Gold tops Rs 27,000-mark on global cues, seasonal demand

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Rising for the third straight day, gold regained the Rs 27,000-mark by gaining Rs 200 at the bullion market today in line with a firm global trend amid pick up in wedding season buying by jewellers.
Silver too continued its upward journey and rose by Rs 150 to Rs 35,150 per kg on increased offtake by industrial units and coin makers.
Bullion traders said a firming global trend where gold extended its best monthly gain since January after a factory gauge in China shrank to a three-year low, deepening concern about the slowdown in the world’s second-biggest economy and boosting demand for the metal as a safe-haven.
Globally, gold climbed 0.7 per cent to USD 1,142.79 an ounce and silver added 0.3 per cent to USD 14.67 an ounce in Singapore.
Besides, pick up in buying by jewellers to meet rising seasonal demand supported the upside in the precious metals, they said.
In the national capital, gold of 99.9 and 99.5 per cent purity flared up by Rs 200 each to Rs 27,060 and Rs 26,910 per ten grams, respectively. A level last seen on August 26.
The precious metal had gained Rs 210 in last two days.
Sovereign, however, remained steady at Rs 22,500 per piece of eight gram.
Following gold, silver ready gained another Rs 150 to Rs 35,150 per kg and weekly-based delivery by Rs 220 to Rs 34,545 per kg.
Silver coins held steady at Rs 51,000 for buying and Rs 52,000 for selling of 100 pieces.

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