Gold at over 1-week high on global cues, seasonal demand

New Delhi: Gold spurted to hit over one-week high at Rs26,675 per ten grams by gaining Rs75 at the bullion market on Saturday amid a firming global trend and increased buying by jewellers to meet seasonal demand.

Federal Reserve’s status quo on interest rates, pickup in buying by jewellers and retailers, driven by ongoing festive and wedding season, mainly resulted in the rise of precious metals prices.

Globally, gold gained 1.9% to settle at $1,137.80 an ounce, after touching $1,141.50, the highest since 2 September in New York in Friday’s trade.

In the national capital, gold of 99.9 and 99.5% purity rose by Rs75 each to trade at over one-week high of Rs26,675 and Rs26,525 per ten grams, respectively, a level last seen on 9 September. Sovereign also edged up by Rs100 to Rs22,300 per piece of eight grams.

Following gold, silver ready advanced by Rs100 to Rs35,900 per kg and weekly-based delivery by Rs90 to Rs36,070 per kg. Silver coins soared by Rs2,000 to Rs52,000 for buying and Rs53,000 for selling of 100 pieces on upsurge in demand.