Gold inches towards Rs 30,000; biggest single day rise in 2016

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Gold prices today zoomed by up to Rs 1,230, the biggest rise in a day this year, to multi-month high in major bullion markets of the country on continued buying by jewellers and retailers for ongoing wedding season amid overnight gains in global market.

At Chennai, gold prices climbed the most by Rs 1,230 to Rs 29,605 per 10 grams. Bullion markets were closed yesterday following strike by Gem and Jewellery Trade Federation against the Government’s decision to make PAN card mandatory for transactions of Rs 2 lakh and above.

In the national capital, the precious metal recorded a significant rise of Rs 850 to trade at Rs 29,650, a level last seen on May 16, 2014. Now, the yellow metal has gained Rs 2,600 in eleven straight sessions, its longest winning streak this year.

The precious metal has recorded the biggest single-day rise this year.

In addition, a depreciating rupee against the dollar, making imports costlier, supported the upside in the precious metal prices. (AGENCIES)

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