Gold 3-week high crosses Rs 29k mark

Gold rose to Rs.29,000 per 10 grams on positive global cues

The Dollar Business Bureau

Amidst positive global signs and a stable demand from stockists, the prices of gold have surged further and hit the Rs 29,000-mark at the national market on Tuesday.

Standard gold (with 99.5 purity) jumped by Rs.175 to close at Rs.29,155 per 10 grams from Rs.28,980 of Monday's level. Pure gold (with 99.9 purity) also increased by the same margin to end at Rs 29,305 per 10 grams from Rs.29,130.

In the international market, the metal rose to $1,262.79 an ounce on Tuesday, a 3-week high price, since March 18, as investors scaled back expectations on the increase in interest-rates by the US Federal Reserve, lowering the dollar.

Gold for immediate delivery rose by 0.2 percent to $1,259.40 an ounce at an early trade on Tuesday, touching a high of $1,262.60 an ounce. US bullion futures for delivery in June were up $3.10 an ounce at $1,261.10.

Silver also jumped by Rs.880 per kg due to speculations of high demand on the back of robust support from industrial buyers. Silver (with .999 fineness) rose by Rs.880 per kg to close at Rs.38,220 from Rs. 37,340 earlier.

Globally, silver touched the $16 mark for the first time in almost a month, traded at $16.06 before going back to $16.03, a jump of 0.8 percent.

The Dollar Business Bureau - Apr 13, 2016 12:00 IST