Gold regains Rs 28k level on strong global cues

Gold regains Rs 28k level on strong global cues

After completing four days of gains, gold prices spurted here by Rs 400 today to regain the psychological level of Rs 28,000 per ten grams on sustained seasonal buying amid a firming global trend.

Silver also recovered by Rs 500 to Rs 45,500 per kg on increased offtake by industrial units and coin makers.

Traders said buying activity picked up as gold climbed to the highest level since April 15 in overseas markets, as rising central bank and physical purchases countered tumbling assets in exchange-traded products.

Gold in London, which normally set price trend on the domestic front, rose by 1.1 per cent to USD 1,448.28 an ounce.

In addition, persistent buying by stockists to meet the ongoing marriage season demand and a firming trend at futures trade further fuelled the uptrend.

On the domestic front, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 400 each to Rs 28,000 and Rs 27,800 per ten grams, respectively. The yellow metal had gained Rs 1,250 in the previous four sessions.

Sovereign followed suit and climbed Rs 250 to Rs 24,350 per piece of eight gram.

In line with a general firm trend, silver ready recovered by Rs 500 to Rs 45,500 per kg and weekly-based delivery by Rs 660 to Rs 43,310 per kg. The white metal had lost Rs 800 on Tuesday's trade.

Silver coins also spurted by Rs 1,000 to Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

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