Gold price skyrockets, inches closer to Rs 30,000-mark

New Delhi: Gold skyrocketed to Rs 29,650 per ten grams Friday by adding Rs 850, largely in tandem with a firming trend overseas.

Now, the yellow metal has gained Rs 2,600 in the eleven 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.

Silver also spurted by Rs 750 to Rs 37,850 per kg on increased offtake by industrial units and coin makers.

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 percent to USD 1,246.40 an ounce and silver by 3.14 per cent to USD 15.76 an ounce in New York in yesterday's trade.

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

Sovereign followed suit and went up by Rs 300 to Rs 23,100 per piece of eight grams.

Tracking gold, silver ready surged by Rs 750 to Rs 37,850 per kg and weekly-based delivery jumped by Rs 985 to Rs 38,145 per kg. Silver coins spurted by Rs 1,000 to Rs 54,000 for buying and Rs 55,000 for selling of 100 pieces.