Gold hits a 2-week high, closes above Rs15,000 per 10 gm

Gold prices bounced back to trade above Rs15,000 per 10 gm levels on the local bullion market today, helped by a firming trend in global market on the back of a fall in dollar value.

Standard gold, which gained Rs155 in the previous day, climbed by a further Rs125 to close at a two-week high of Rs15,100 per 10 gm, a level last seen on May 14.

Gold jewellery also rallied to Rs14,950 per 10 gm, rising Rs125 from the previous day's close of Rs14,825 per 10 gm, bolstered by a pick-up in stockist buying.

Cold sovereign also gained Rs50 at Rs12,450 per piece of eight gm.

Silver (weekly delivery) also spurted by Rs420 to Rs24,170 per kg on speculative buying. Silver ready held steady at Rs23,200 per kg while silver coins rose Rs200 to Rs29,500 (buying) and Rs29,600 (selling) per 100 pieces

In New York, gold prices rose to a three-month high of $981.50 an ounce helped in large measure by a weak dollar.