Gold hits over 3-week high on global cues, jewellers buying

Continuing its rising streak for the third straight day, gold prices added another Rs 60 to hit over three-week high of Rs 25,900 per 10 grams at the bullion market on Wednesday, tracking a firming global trend amid pick up in buying by jewellers.

Silver followed suit and advanced by Rs 50 to Rs 33,750 per kg because of increased offtake from industrial units and coin-makers.

Bullion traders said a firming global trend as investors eyed Federal Reserve minutes to be released later in the day, mainly buoyed the sentiment in New Delhi.

Globally, gold rose to $1,077.23 an ounce in Singapore, while it ended higher 0.18 per cent to $1,079.40 an ounce in New York in yesterday's trade.

Besides, continued buying by jewellers and retailers further fuelled the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity added another Rs 60 each to Rs 25,900 and Rs 25,750 per 10 grams respectively, a level last seen on December 14 last year. It had gained Rs 420 in two days.

Sovereign also moved up by Rs 100 to Rs 22,300 per piece of eight grams on pick up in retailers buying.

In a similar fashion, rising for the third day, silver ready gained another Rs 50 to Rs 33,750 per kg and weekly-based delivery edged up by Rs 5 to Rs 33,710 per kg.

On the other hand, silver coins remained steady at Rs 48,000 for buying and Rs 49,000 for selling of 100 pieces.