Gold rises to over 2-month high on global cues

New Delhi: Rising for the fourth straight day, gold prices gained Rs 70 to trade at over two-month high of Rs 27,570 per 10 grams at the bullion market today amid a firming trend overseas and increased demand from jewellers. Besides, silver prices gained Rs 250 to Rs 37,550 per kg on increased offtake by industrial units and coin makers. Bullion merchants said persistent rise in gold prices is mostly due to a firming trend in global markets as concerns over European economy mounted, spurring demand for safe-haven, and increased buying by jewellers to meet wedding season demand at domestic spot markets.   

Globally, gold in New York, which normally sets price trend on the domestic front, climbed 1.18 per cent to USD    1,219.30 an ounce and silver was up by 2.22 per cent to USD 16.65 an ounce in yesterday's trade.  

 In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 70 each to Rs 27,570 and Rs 27,370 per 10 grams, a level not seen since October 29, 2014. It gained    Rs 475 in previous three sessions.

Sovereign, however, held steady at Rs 23,800 per piece of eight grams. In line with a general firming trend, silver ready moved up by Rs 250 to Rs 37,550 per kg and weekly-based delivery by  Rs 410 to Rs 37,610 per kg. On the other hand, silver coins were unaltered at Rs  61,000 for buying and Rs 62,000 for selling of 100 pieces.