Gold regains Rs.30,000 level on strong global cues

Gold prices staged a strong come-back on the bullion market on Saturday to regain Rs.30,000 per ten gram level on increased offtake by stockists, following a firming global trend. Gold surged by Rs.470 to Rs.30,030 per ten gram, while silver spurted by Rs.800 to Rs.52,400 per kg on industrial units and coin makers buying.
Sentiment turned bullish after gold rebounded from a 10-month low in overseas markets after US payrolls grew by the least in nine months, boosting prospects that the Federal Reserve might take more steps to spur growth. Gold in New York, which normally set price trend on the domestic front, shot up by $ 28.70 to $ 1582.30 an ounce and silver by 1.67 per cent to $ 27.35 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity recorded a handsome gain of Rs.470 each to Rs.30,030 and Rs.29,830 per ten grams respectively, while sovereign held steady at Rs.25,100 per piece of eight gram. In line with general firm trend, silver ready spurted by Rs.800 to Rs.52,400 per kg and weekly-based delivery by Rs.745 to Rs.51,540 per kg.
Silver coins flared up by Rs.2,000 to Rs.80,000 for buying and Rs.81,000 for selling of 100 pieces.
Source: Bullion Bulletin
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