A strong global trend and intensifying local demand turned out to be a potent mix for gold prices that surged Rs 300 to Rs 30,050 per 10 grams today. Silver surpassed the Rs 40,000 level again with a sharp jump of Rs 900 at Rs 40,200 per kg, with industrial units and coin makers stepping up demand. Minutes from Federal Reserve’s July meeting showed that policymakers voted unanimously to keep the US interest rates unchanged. This made investors pump in more money into gold asset class that is considered as a safe bet for hedging offering greater returns. Overseas, the precious metal advanced as the dollar slipped against a basket of major currencies after the release of the Fed minutes.
Globally, gold rose 0.43 per cent to USD 1,288.30 an ounce and silver 0.12 per cent to USD 17.12 an ounce in Singapore. Also, pick-up in buying by local jewellers to meet festive season demand at the domestic spot market supported the upmove, traders said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced back by Rs 300 each to Rs 30,050 and Rs 29,900 per 10 grams, respectively. The precious metal had lost Rs 300 yesterday. Sovereign, however, remained unchanged at Rs 24,500 per piece of eight grams. Silver ready prices went up by as much as Rs 900 to Rs 40,200 per kg and weekly-based delivery Rs 935 to Rs 39,300. Silver coins prices too ran higher by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.