Gold above Rs 30,000 mark on global cues, jewellers buying

New Delhi: Gold prices rebounded by Rs 200 to trade above the Rs 30,000-mark at the bullion market on May 13, taking positive cues from global markets amid fresh purchases by jewellers at domestic spot market.

However, silver dropped by Rs 600 to Rs 40,500 per kg due to reduced offtake by industrial units and coin makers. Bullion traders said sentiment bolstered after gold edged higher in global markets and jewellers accelerated their buying activity at the domestic market, helping the yellow metal to again cross the Rs 30,000-mark.

Gold in Singapore, which mostly determines the price trend in Indian market, rose by 0.86 per cent to USD 1,274.10 an ounce. In the national capital, gold of 99.9 and 99.5 per cent purity recovered by Rs 200 each to Rs 30,050 and Rs 29,900 per ten grams respectively. The metal had lost Rs 100 on May 12.

Sovereign, however, remained steady at Rs 23,300 per piece of eight gram in limited deals. On the other hand, silver ready dipped below Rs 41,000- mark by falling Rs 600 to Rs 40,500 per kg and weekly-based delivery lost Rs 355 to Rs 40,875 per kg. Silver coins, however, continued to be traded at previous level of Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.