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Gold regains Rs 30,000-level; zooms by over Rs 1,000

Gold regains Rs 30,000-level; zooms by over Rs 1,000

New Delhi: Gold prices regained Rs 30,000 level by rallying over Rs 1,000 to Rs 30,285 per 10 grams in futures trade early Friday as market participants enlarged their positions in tandem with a firming global trend.

At the Multi Commodity Exchange (MCX), gold for delivery in October zoomed by Rs 1,099 to Rs 30,285 per ten grams.

Similarly, silver for delivery in September spurted by Rs 3,004 to Rs 49,577 per kg.

Gold price in overseas markets, which normally set price trend on the domestic front, extended its yesterday’s gains today by hitting fresh two-month high on strong buying from China and short covering, pushing the metal to its biggest weekly gain in a month.

The yellow metal has gained for the last seven sessions out of eight, spurring rare inflows into the top gold exchange traded fund.

Spot gold hit a two-month high of USD 1,372.51 today before paring some gains to trade up 0.02 percent at USD 1,365.84. It has risen about 4 percent this week.

In New York, gold for December delivery jumped USD 27.50 or 2 percent to settle at USD 1,360.90 an ounce on the Comex division of the NYMEX.

 

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