Gold breaches Rs 29,000 mark

Gold of 99.9 surged by Rs 300 to Rs 29,080 and 99.5 was at Rs 28,940 per 10 grams as physical demand increased due to on going marriage season.

The trading sentiment in gold remained bullish as the metal jumped to a three-month high in global markets on speculation that the US will extend a stimulus to bolster the economy, reports PTI.

Gold futures also surged on Thursday as speculators created fresh positions amid uncertain global trend.

Global investors have been diversifying their money from equities to gold on its safe demand, which is also supporting the price of gold to move in upward direction.

At 3.30 pm IST, the gold for April delivery on the Multi Commodity Exchange (MCX) was trading at Rs 28,797 up Rs 151. It had reached intraday high of Rs 28,828.

While, silver for March delivery on MCX was trading at Rs 57,621up Rs 364.

MCX spot gold was trading up at Rs 28,656 per 10 grams, while spot silver was up at Rs 56,714 per kg.

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