Gold sizzles at 32K-mark on firm global cues, jeweller buying

Gold sizzled on Thursday as it soared by Rs.300 at Rs.32,150 per ten gram at the bullion market on positive global cues amid continued buying by local jewellers.

Silver also soared by Rs.240 to Rs.40,000-level per kg, pushed by an increased offtake by industrial units and coin makers.
         
Apart from a firm trend overseas, brisk buying by local jewellers to meet retailer demand in the domestic spot market pushed up gold prices, marketman said.

At the global level, gold rose 1.02 per cent to $1,352.80 an ounce and silver by 0.60 per cent to $16.65 an ounce in New York in Wednesday's trade.

Besides, a depreciated rupee against the dollar made imports of the metal costlier, thus fuelling the uptrend, experts said.

At the domestic front, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs.300 each to Rs.32,150 and Rs.32,000 per ten gram, respectively.

The precious metal had gained Rs.500 in the previous four sessions.

Sovereign also firmed up by Rs.100 to Rs.24,900 per piece of eight grams.

Catching up with gold, silver ready rose further by Rs.240 to Rs.40,000 per kg and weekly-based delivery rose by Rs.225 to Rs.39,000 per kg. Silver coins too spurted by Rs 1,000 to Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.