Gold price zoomed to Rs 31,550 per 10 grams — a 30-month high — by soaring Rs 450 on Wednesday, tracking a solid trend overseas amid increased buying by jewellers to meet rising demand at the domestic spot market. Silver weekly-based delivery went past the Rs 47,000-mark by jumping Rs 1,016 to Rs 47,425 per kg on speculative buying while silver ready rallied by Rs 750 to Rs 46,950 per kg.
Traders said sentiment perked up after gold built on its biggest daily increase since June and traded near the highest in almost three weeks as the dollar weakened amid diminishing chances of a US interest rate rise in September, boosting demand for safe haven assets. Globally, gold rose 0.2 per cent to USD 1,352.16 an ounce in Singapore on Wednesday after surging 1.7 per cent on Tuesday. Besides, persistent buying by jewellers following pick-up in demand for ornaments at the domestic spot market propped up the upside, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity soared Rs 450 each to Rs 31,550 and Rs 31,400 per 10 grams, respectively, a level last seen on February 26, 2014, when it had stood at Rs 31,500.