Gold prices firm up for 5th day on jewellers' buying

Gold raced ahead for the fifth day on firm global cues and continuous buying by jewellers, with prices gaining Rs 300 to hit a two-week high of Rs 31,550 per 10 grams in the bullion market on Thursday. Silver too soared Rs 600 to Rs 46,800 per kg following a surge in demand from industrial units and coin makers.

Bullion traders said sentiment remained bullish backed by a firm trend overseas after the US Federal Reserve yesterday decided to keep interest rates steady, thus whipping up demand for the precious metal. Besides, a weaker dollar fed the bullion’s upmove.

Globally, gold surged 1.54 per cent to close at USD 1,334.90 an ounce in yesterday’s trade in New York. In addition, increased buying by jewellers in the domestic spot market added to the gains, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity zoomed by Rs 300 each to Rs 31,550 and Rs 31,400 per 10 grams, respectively, a level last seen on September 7. The precious metal had gained Rs 250 in the previous four sessions. Sovereign also edged up Rs 100 to Rs 24,500 per piece of eight grams.

Tracking gold, silver ready also surged by Rs 600 to Rs 46,800 per kg and weekly-based delivery retook the Rs 47,000 mark by climbing Rs 545 to Rs 47,150 per kg. Silver coin prices rose by Rs 1,000 to Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.