Gold Prices Spurted After 29 Months


New Delhi: Gold prices spurted to Rs. 31,340 per 10 grams, and 29-month high growth of Rs 540 in the bullion market today, tracking a firm trend overseas on a background of increased buying by jewellers in the domestic market.


Silver ready took losses towards the weakening in demand from manufacturers of coins maker and lost another Rs 220 to Rs 47,080 per kg and silver weekly-based delivery to allocate Rs 680 to Rs 47,480 on speculative buying.

Bullion traders said sentiment bolstered after gold gained in overseas as the dollar weakened and the US economy grew less than expected in the second quarter, growth in demand for safe assets.

Globally, gold rose 1.2 percent to $1,357.50 an ounce in New York on Friday. Prices rose 2.8 percent this month. In addition, the persistent buying by jewellers to pick up following the demand for jewellery in the domestic spot market supported the upside, they said.


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