Gold surges by Rs. 290 on global cues; reclaims Rs. 26,000 level

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Gold prices jumped by Rs. 290 to regain the Rs. 26,000-level at the bullion market on Saturday on the back of a firm trend overseas and a pick-up in buying by jewellers to meet wedding season demand.

However, silver remained weak and lost Rs. 200 at Rs. 33,850 per kg on reduced offtake by industrial units and coin-makers.

Firm overseas trend, fresh buying

Bullion traders attributed the rally in precious metals to a firm trend overseas and fresh buying by jewellers to meet the ongoing wedding season demand.

Gold rates in New York, which normally determine price trend on the domestic front, rose by 0.25 per cent to $1,074.20 an ounce in Friday’s trade.

In the national capital, gold of 99.9 and 99.5 per cent purity zoomed by Rs. 290 each to Rs. 26,000 and Rs 25,850 per ten grams, respectively. The precious metal had lost Rs. 130 in previous two days.

Sovereign remains steady

Sovereign, however, remained steady at Rs. 22,200 per piece of eight grams in limited deals.

On the other hand, silver ready dipped below Rs. 34,000 by losing Rs. 200 to Rs. 33,850 per kg and weekly-based delivery was down by Rs. 265 to Rs. 33,980 per kg.

Meanwhile, silver coins continued to be traded at last level of Rs. 48,000 for buying and Rs. 49,000 for selling of 100 pieces.

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