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Gold surges on global cues, persistent buying

Gold surges on global cues, persistent buying

NEW DLEHI: Gold prices on Monday rallied by Rs 145 to Rs 30,765 per ten gram at the bullion market in line with a firming trend overseas amid increased buying by local jewellers.

Silver followed suit as prices went up by Rs 290 to Rs 40,990 per kg on increased offtake by industrial units and coin makers.

Bullion traders said a firming trend overseas where gold rose to the highest in more than a week as an uptick in geopolitical uncertainty raised demand for the precious metal as safe haven, kept gold and silver prices higher.

Besides, persistent buying by local jewellers to meet the ongoing seasonal demand at domestic spot market too supported the upside, they added.

Globally, gold surged by 0.26 per cent to USD 1,287 an ounce and silver by 0.50 per cent to USD 17.04 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 145 each to Rs 30,765 and Rs 30,615 per ten gram, respectively. The precious metal had gained Rs 245 in last three days.

Sovereign however remained flat at Rs 24,700 per piece of eight gram.

Tracking gold, silver ready hardened by Rs 290 to Rs 40,990 per kg and weekly-based delivery by Rs 320 to Rs 40,190 per kg.

Silver coins however were unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

PTI