Consumer demand drives gold price above Rs 30,000 again, silver surpasses Rs 43,000 level

Gold prices got past the Rs 30,000-mark again by climbing Rs 375 to Rs 30,100 per 10 grams on Saturday, reflecting strong global uptrend and increased buying by local jewellers.

Silver also went past the Rs 43,000-mark by covering up Rs 400 at Rs 43,100 per kg, backed by increased offtake by industrial units and coin makers.

Traders said that apart from a better trend in global markets due to weakness in the dollar, increased buying by local jewellers at the domestic spot market triggered by the wedding season bolstered sentiment.

Globally, gold rose 0.02 per cent to USD 1,234.30 an ounce and silver 1.27 per cent to USD 17.95 an ounce in New York yesterday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced back by Rs 375 each to Rs 30,100 and Rs 29,950 per 10 grams, respectively. The precious metal had lost Rs 275 on Friday.

Sovereign, however, remained unchanged at Rs 24,500 per piece of 8 grams in limited deals.

Following gold, silver ready rebounded by Rs 400 to Rs 43,100 per kg and weekly-based delivery edged up by Rs 5 to Rs 42,165 per kg.

Silver coins spurted by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.