Gold spikes to 11-mth high on global cues

Gold jumped by Rs 235 per 10 grams to touch an 11-month high of Rs 30,360 here today, tracking a solid trend overseas amid increased buying by local jewellers to meet festive season demand.

Silver recaptured the Rs 41,000-mark by surging Rs 500 per kg on higher offtake by industrial units.

Standard gold (99.5 purity) rose by Rs 235 to end at Rs 30,360 per 10 grams against Thursday's closing level of Rs 30,125. The level has not been seen since November 11, 2016.

Pure gold (99.9 purity) also jumped by the same amount to settle at Rs 30,510 per 10 grams from Rs 30,275 earlier.

Silver (.999 fineness) surged by Rs 500 to finish at Rs 41,240 per kg against Rs 40,740 yesterday.

Globally, gold prices rose to their highest in more than a year as weak economic data reduced expectations of another interest rate increase in the US this year, US bond yields fell and the dollar plunged to its weakest since early 2015.

Spot gold was up 0.3 per cent at USD 1,352.71 at early trade.

In other precious metals, silver was up 0.6 per cent at USD 18.18 an ounce after touching USD 18.21, its best since April.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)