Gold tops Rs 30,000-mark, hits 3-week high on firm global cues

Gold prices retook the Rs 30,000 level with a jump of Rs 100 to trade at a three-week high of Rs 30,075 per 10 grams on Wednesday, tracking a firm trend overseas amid persistent buying by local jewellers.

Silver also recaptured the Rs 39,000-mark by surging Rs 380 to Rs 39,250 per kg due to increased offtake by industrial units and coin makers.

Bullion traders said that sentiment remained firm on the back of a firm global trend where gold edged up to a more than three-week high on support from a weaker dollar.

Globally, gold rose 0.14 per cent to USD 1,284.80 an ounce and silver by 0.27 per cent to USD 16.57 an ounce in Singapore.

In addition, persistent buying by local jewellers at domestic spot market fuelled the uptrend, they added.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 100 each to Rs 30,075 and Rs 29,925 per ten grams, respectively, a level last seen on December 6.

The precious metal had gained Rs 290 in the previous three sessions.

Sovereign also went up by Rs 100 to Rs 24,700 per piece of eight grams in limited deals.

In step with gold, silver ready rose by Rs 380 to Rs 39,250 per kg and weekly-based delivery by Rs 245 to Rs 38,340 per kg.

Silver coins too spurted by Rs 1,000 to Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.