The yellow metal has soared high to hit a one month high at Rs. 26,850/- this is per ten grams and this has been climbing high by Rs. 200/- in the bullion market on Wednesday.
Gold over one month high on global cues
This comes amid the firm global trend and this has increased the buying by the jewelers in order to meet with the wedding season demand. Silver has also extended the gains to the third day by increasing to Rs. 550/- to Rs. 37,250/- per kg.
The silver is being continuously bought by the coin makers and also the industrial units. The sentiments in the bullion market remained very upbeat with a firming trend overseas where it has been trading for one week high – this is on the speculation that the Federal Reserve will refrain from increasing the US interest rates in this year on the signs of slowing global economic growth as per the reports of the bullion traders.
Globally gold has gained 0.12 percent in order to trade at US$1149 an ounce in London on Wednesday.
“Reactions remained cheerful largely in tandem with a firming trend out of the country where it traded at over one-week peak on conjecture that the Federal Reserve will desist from mounting US interest rates in the exiting year (2015) on further signals of slowing international financial growth,” bullion traders stated.