Gold climbs Rs. 300 on seasonal buying, firming global cues

Continuing its rising streak, gold prices flared up by Rs. 300 to Rs. 28,800 per ten gram in the national capital on Thursday on sustained buying by jewellers and retailers for the festive season amid firming global cues.

Silver also recovered by Rs. 450 to Rs. 44,500 per kg on increased offtake by industrial units and coin makers.

Bullion traders said besides increased buying by jewellers and retailers to meet festive season demand, a firming global trend amid escalating tensions over Ukraine has raised demand for a safe haven, resulting into influence on gold prices here too.

Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.2 per cent to USD 1,308.13 an ounce and silver by 0.2 per cent to USD 20.08 an ounce.

In Delhi, gold of 99.9 and 99.5 per cent purity shot up by Rs. 300 each to Rs. 28,800 and Rs. 28,600 per ten gram respectively. The precious metal had gained Rs. 110 in Wednesday’s trade.

In line with overall trends, sovereign also moved up by Rs. 100 to Rs. 24,900 per piece of eight gram.

Silver ready recovered by Rs. 450 to Rs. 44,500 per kg and weekly-based delivery by Rs. 395 to Rs. 44,040 per kg. Silver coins, however, remained steady at Rs. 77,000 for buying and Rs. 78,000 for selling of 100 pieces.