Gold Prices Jump Rs. 325 On Wedding Season Demand, Global Cues

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New Delhi: Gold prices on Saturday jumped by Rs. 325 to Rs.30,775 per 10 grams at the bullion market on the back of wedding season demand and strong global cues. Silver also recaptured the Rs. 41,000-mark by recovering Rs.600 to Rs. 41,150 per kg on increased offtake by industrial units and coin makers.

Traders said brisk buying by local jewellers to meet ongoing wedding season demand lifted the gold prices.

Moreover, a firm trend in global markets amid a weak dollar boosted the sentiment. Globally, gold rose by 0.04 per cent to SGD 1,755.62 per ounce in Singapore, while in New York the metal climbed 1.18 per cent to $1,293.40 an ounce and silver by 1.32 per cent to Rs.17.28 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity zoomed by Rs. 325 each to Rs. 30,775 and Rs. 30,625 per ten grams respectively. The precious metal had lost Rs. 175 in last two days.

Sovereign, however, remained flat at Rs. 24,700 per piece of eight grams in limited deals. Tracking gold, silver ready climbed by Rs. 600 to Rs. 41,150 per kg and weekly-based delivery by Rs. 560 to Rs. 40,150 per kg. Silver coins were flat at Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.