Gold inches closer to Rs 30,000-mark

New Delhi, February 12

Gold skyrocketed to Rs 29,650 per 10 grams today by adding Rs 850, largely in tandem with a firming trend overseas.

Now, the yellow metal has gained Rs 2,600 in the 11 straight sessions, its longest winning streak this year.

In addition, sustained buying by jewellers to meet the ongoing wedding season demand and a depreciating rupee against the dollar, making imports costlier, supported the upside in the precious metal prices.

Traders said apart from a firming global trend, steady buying by jewellers and retailers to meet wedding season demand mainly lifted gold prices beyond Rs 29,000-mark.

Globally, gold in New York, which normally sets price trend on the domestic front, climbed 4.14% to $1,246.40 an ounce and silver by 3.14% to $15.76 an ounce in New York in yesterday’s trade.

In Delhi, gold of 99.9 and 99.5% purity zoomed by Rs 850 each to Rs 29,650 and Rs 29,500 per 10 grams respectively, a level last seen on May 16, 2014. — PTI