Gold at over one-month high on global cues, jewellers buying

New Delhi: Gold soared to hit over one-month high at Rs 26,850 per ten grams by climbing Rs 200 at the bullion market on October 7 amid a firming global trend and increased buying by jewellers to meet wedding season demand.

Silver extended its gains for the third day by advancing Rs 550 to Rs 37,250 per kg on continued buying by industrial units and coin makers. Sentiments remained upbeat largely in tandem with a firming trend overseas where it traded at over one-week high on speculation that the Federal Reserve will refrain from increasing US interest rates this year on further signs of slowing global economic growth, bullion traders said.

Globally, gold gained 0.12 per cent to trade at USD 1,149.00 an ounce in London today. In the national capital, gold of 99.9 and 99.5 per cent purity spurted by Rs 200 each to trade at over one-month high of Rs 26,850 and Rs 26,700 per ten grams, respectively, a level last seen on September 2.

Sovereign also edged up by Rs 50 to Rs 22,450 per piece of eight grams. Following gold, silver ready rallied by Rs 550 to Rs 37,250 per kg and weekly-based delivery by Rs 800 to Rs 37,510 per kg. Silver coins rallied by Rs 1,500 to Rs 52,500 for buying and Rs 53,500 for selling of 100 pieces on upsurge in demand.