Gold price hits one-month high on positive global cues

New Delhi-India (Mar 25)  Gold prices rose by Rs85 to trade at one-month high of Rs31,835 per 10 grams on Saturday on strong global cues and increased buying by local jewellers.

Silver prices also went up by Rs50 to Rs39,600 per kg, on sustained buying by industrial units and coin makers. Marketmen said, sentiment remained bullish largely backed by a firming trend overseas as renewed trade war fears between the US and China dragged the US dollar down, prompting safe-haven buying.

Globally, gold rose by 1.37% to $1,346.80 an ounce and silver by 1.13% to $16.53 an ounce in New York in Friday’s trade. Moreover, pick-up in buying by local jewellers helped the precious metal to hit one-month high, they added.

In the national capital, gold of 99.9% and 99.5% purity rose further by Rs85 each to Rs31,835 and Rs31,685 per 10 grams, respectively, a level last seen on 27 February. The yellow metal had surged Rs250 on Friday.

Sovereign, continued to be traded at previous level of Rs24,800 per piece of eight grams. Following gold, silver ready edged higher by Rs50 to Rs39,600 per kg and weekly-based delivery by Rs115 to Rs38,895 per kg.

On the other hand, silver coins, however, maintained a steady trend at Rs74,000 for buying and Rs75,000 for selling of 100 pieces.

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