New Delhi: Gold prices soared further by Rs 215 to Rs 28,800 per 10 grams at the bullion market on February 11, on a firming trend overseas amid increased buying by jewellers to meet the ongoing wedding season demand. At a 19-month high, it is the longest winning streak for the yellow metal this year.
Moreover, a weaker rupee against the dollar that made the import costlier, led to the rise in gold prices. The rupee was quoting lower by 30 paise to 68.15 against the dollar (intra-day) at the forex market on February 11.
Silver, however, met with resistance at prevailing levels and eased by Rs 130 to Rs 37,100 per kg. Bullion traders said a firming global trend where gold jumped to the highest level in eight months after Federal Reserve Chair Janet Yellen signalled that the US central bank may delay further interest-rate increase should the turmoil in global markets continue, boosted the sentiment here.
Globally, gold rallied 1.5 per cent to USD 1,214.64 an ounce, the highest since May 22 in Singapore. Moreover, increased buying by jewellers and retailers driven by the ongoing wedding season demand, supported the upsurge, they said. In the national capital, gold of 99.9 and 99.5 per cent purity climbed by Rs 215 each to Rs 28,800 and Rs 28,650 per ten grams respectively, a level last seen on August 14, 2014.
The precious metal had gained Rs 1,535 in last nine sessions. Market remained closed yesterday because of the traders' protest against government's decision to make PAN card mandatory for transactions of Rs 2 lakh and above. Sovereign, however, declined by Rs 100 to Rs 22,800 per piece of eight grams.
On the other hand, silver ready fell by Rs 130 to Rs 37,100 per kg and weekly-based delivery by Rs 40 to Rs 37,160 per kg. Silver coins held steady at Rs 53,000 for buying and Rs 54,000 for selling of 100 pieces.
