Gold extends gains, hits 6-week high on global cues

Gold extends gains, hits 6-week high on global cues

NEW DELHI: Rising for the fourth day in a row today, gold prices climbed Rs 200 to reach six-week high of Rs 29,450 per 10 grams, tracking a firm overseas trend and buying by jewellers at the domestic spot market.

Silver remained weak however and slipped below the Rs 41,000-mark, down Rs 300 at Rs 40,950 per kg.

Traders said sentiment remained firm on positive global cues and continued buying by local jewellers to meet demand from retailers for the upcoming wedding season.

Globally, gold rose 0.33 per cent to USD 1,195 an ounce and silver 0.30 per cent to USD 16.74 an ounce in New York in yesterday’s trade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 200 each to Rs 29,450 and Rs 29,300 per 10 grams, a level last seen on November 29. It had gained Rs 550 in the previous three sessions.

Sovereign, however, held steady at Rs 24,300 per piece of eight grams.

On the other hand, silver ready drifted further lower by Rs 300 to Rs 40,950 per kg and weekly-based delivery by Rs 380 to Rs 40,820 per kg.

Silver coins, however, continued to be traded at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.