For the third consecutive day, gold prices on Thursday, January 5, gold continued to gain as investors pared back expectations of a more aggressive Fed rate rising cycle.
Prices were up 1.1% at $1,178 an ounce, on course for their highest close since late November. In India, it surged by another Rs 180 to a nearly month high of Rs 28,730 per 10 grams, in line with a firming trend overseas amid increased buying by local jewellers.
Silver followed suit and advanced by Rs 350 to Rs 40,600 per kg due to increased offtake by industrial units and coin makers.
Traders said sentiment took a turn for the better after gold advanced to its highest level in four weeks in global markets as the US dollar retreated from a 14-year peak hit earlier this week, which kept the precious metals higher.
Globally, gold rose 0.9 per cent to $1,173.51 per ounce, the highest level in almost a month in Singapore.
In addition, persistent buying by local jewellers at the domestic spot market provided more traction, they said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 180 each to Rs 28,730 and Rs 28,580 per ten grams, respectively, a level last seen on December 8 when it closed at Rs 28,710. The precious metal has gained Rs 250 in the last two days.
Sovereign went up by Rs 200 at Rs 24,200 per piece of eight grams.
Following gold, silver ready hardened by Rs 350 to Rs 40,600 per kg and weekly-based delivery by Rs 360 at Rs 40,580 per kg.
Silver coins, however, held steady at Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces.
