Gold gets a leg-up on festive demand, prices climb

Gold prices today made a turnaround after four days of losses, jumping Rs 150 to Rs 30,750 per 10 grams, taking strength from positive global leads and increased buying by local jewellers.

Silver too firmed up by Rs 400 to Rs 40,900 per kg, backed by higher demand from industrial units and coin makers.

A firm trend developed overseas as the dollar weakened and investors looked forward to the US Federal Reserve's interest rate decision later today, traders said.

Globally, gold rose 0.27 per cent to USD 1,314.30 an ounce and silver by 0.23 per cent to USD 17.31 an ounce in Singapore.

Besides, domestic jewellers stepped up buying to meet festive season demand at the spot market, which fuelled the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 150 each to Rs 30,750 and Rs 30,600 per 10 grams, respectively. The precious metal had lost Rs 400 in the previous four days.

Sovereign, however, remained flat at Rs 24,700 per piece of eight grams.

In line with the overall trend, silver ready bounced back by Rs 400 to Rs 40,900 per kg and weekly-based delivery by Rs 530 to Rs 40,320 per kg.

Silver coins, however, continued to be traded at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.