Gold dazzles to strike over 2-mth high on worldwide signs

Bullion Mcx Gold rates rushed Rs 340 to strike over 2-month high of Rs 26,550/10 grams at the bullion market today, taking optimistic sign from worldwide market amid pick up in purchasing by jewellers to meet wedding season demand. Silver too improved and reclaimed the Rs 34,000-mark by growing Rs 220 to Rs 34,015/kg on improved offtake by industrial units and coin makers. A weaker rupee, which fallen to strike new 28-month low of 67.59 against the dollar yesterday that made imports costlier also sustained the upside in gold rates.

Bullion traders said sentiment got an increase after gold picked the most in 6 weeks abroad as Chinese shares chop into a bear market and the US retail sales limited the weakest year since 2009, rising demand for precious metals. Gold in New York, which mostly decides the cost tendency in the Indian market, increased 0.96% to USD 1,088.80 an ounce and silver picked 0.61% to USD 13.91 an ounce in the yesterday's trade. Moreover, improved purchasing by jewellers at local markets, driven by wedding season also buoyed sentiment.

Back home, in the national capital, gold of 99.9 and 99.5 Per cent purity hurried by Rs 340 each to Rs 26,550 and Rs 26,400/10 gram correspondingly, a range last seen on November 3 earlier year. It had fall Rs 40 yesterday. Sovereign gold followed suit and bounded upper by Rs 100 to Rs 22,400/piece of 8 gram. A similar drift was also seen in silver ready that improved by Rs 220 to Rs 34,015/kg and weekly-based delivery by Rs 225 to Rs 34,025/ kg. Silver coins also spurred by Rs 1,000 to Rs 49,000 for purchasing and Rs 50,000 for selling of 100 pieces.