Domain-B: Gold prices breached Rs30,000 mark for the first time, hitting Rs30300 per 10 grams, helped by a depleted rupee and the global financial uncertainty. The yellow metal gained Rs960 per 10 gm overnight amidst heavy speculative buying by both stockists and retailers even as prices strengthened in the overseas markets as well. Gold 99.9 purity traded at Rs30,300 per 10 gm while the 99.5 per cent purity metal was trading at Rs30160 per 10 gm, both gaining Rs960 each. Sovereign (8 gm coins) gained Rs350 at Rs24.200 per piece. Gold prices had eased on Friday following a drop in overseas markets and rupee's brief gains against the dollar. There was, however, less enthusiasm among consumers to buy gold and gold jewellery at such high rates. Also, the wedding season buying has almost ended and the festival season is some months away, so that buyers need not hurry. Rupee's gains, however, failed to convince gold buyers in the country consumers of gold and the sentiment worsened with falling GDP numbers and rising inflation. On Friday, the June contract on the Multi Commodity Exchange was down 1.1 per cent at Rs28,828 per 10 gm in the morning trade. Consumer demand is generally down during the monsoon months between June and August as the wedding season rush gets over and rains sets in ahead of the festival season.Speculative demand from investors and stockist buying further fuelled the trading sentiment amidst weak US job data and the deepening euro zone crisis. In overseas trading, New York gold jumped 4.24 per cent to $1,626.30 an ounce, the biggest rise since 8 August 2011. Silver price also rose in sync with gold prices. The white metal was trading at Rs54,550 per kg, up Rs550 on the Mumbai bullion market. The metal rose 3.5 per cent to $28.68 an ounce, the largest gain in two weeks. Silver ready climbed Rs650 to Rs54,550 while weekly-delivery silver gained Rs880 at Rs54,510 per kg. Silver coins zoomed Rs1,000 per kg to Rs65,000 for buying and Rs66,000 for selling of 100 pieces. Source: Domain-B
