Gold price hits 11-month high of Rs30,360 on global cues

Globally, gold prices rose to their highest in more than a year as weak economic data reduced expectations of another interest rate hike in the US this year. Photo: Mint

Mumbai: Gold prices jumped by Rs235 per 10 grams to touch an 11-month high of Rs30,360 on Friday, tracking a solid trend overseas and increased buying by local jewellers to meet festive season demand.

Silver recaptured the Rs41,000-mark by surging Rs500 per kg on higher offtake by industrial units. Standard gold (99.5 purity) rose by Rs235 to end at Rs30,360 per 10 grams against Thursday’s closing level of Rs30,125. The level has not been seen since 11 November, 2016. Pure gold (99.9 purity) also jumped by the same amount to settle at Rs30,510 per 10 grams from Rs30,275 earlier. Silver (.999 fineness) surged by Rs500 to finish at Rs41,240 per kg against Rs40,740 on Thursday.

Globally, gold prices rose to their highest in more than a year as weak economic data reduced expectations of another interest rate hike 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% at $1,352.71 at early trade.

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

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