Gold prices surge to 2-year high; reclaim Rs 31,000-level

New Delhi: Gold prices regained Rs 31,000 level after witnessing a steep rise of Rs 1,310 to 2-year high on Friday on rising demand for the festive season amid a firm global trend.Traders said increased
gold prices surge to 2 year high reclaim rs 31...
PTI August 16, 2013 16:48 IST
New Delhi: Gold prices regained Rs 31,000 level after witnessing a steep rise of Rs 1,310 to 2-year high on Friday on rising demand for the festive season amid a firm global trend.



Traders said increased buying by stockists and jewellers to meet the rising festive season demand amid a firm global trend mainly led an upsurge in gold and silver prices.

At the Multi Commodity Exchange (MCX), gold for delivery in October zoomed by Rs 1,099 to Rs 30,285 per ten grams.

Similarly, silver for delivery in September spurted by Rs 3,004 to Rs 49,577 per kg.

Gold price in overseas markets, which normally set price trend on the domestic front, extended its yesterday's gains today by hitting fresh two-month high on strong buying from China and short covering, pushing the metal to its biggest weekly gain in a month.

The yellow metal has gained for the last seven sessions out of eight, spurring rare inflows into the top gold exchange traded fund.

Spot gold hit a two-month high of USD 1,372.51 today before paring some gains to trade up 0.02 percent at USD 1,365.84. It has risen about 4 percent this week.

In New York, gold for December delivery jumped USD 27.50 or 2 percent to settle at USD 1,360.90 an ounce on the Comex division of the NYMEX.
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