Gold price surges by Rs 180 to Rs 32,850 on firm global trend

May 8, 2019

Mumbai-India (May 8)  Gold prices rose by Rs 180 to Rs 32,850 per 10 gram at the bullion market here on Wednesday due to fresh buying from jewellers amid firm trend overseas, according to the All India Sarafa Association.

Tracking gold, silver too gained by Rs 100 to Rs 38,220 a kg following increased offtake by industrial units and coin makers. Traders said sentiment turned bullish on the back of pick-up in buying support from local jewellers amid positive overseas trend as rising US-China trade tension boosted gold’s safe-haven appeal.

Globally, spot gold was trading higher at $ 1,288.20 an ounce, while silver marginally rose to $ 14.99 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 180 each to Rs 32,850 and Rs 32,680 per 10 gram, respectively. Sovereign gold held steady at Rs 26,400 per eight gram.

Meanwhile, silver ready rose by Rs 100 to Rs 38,220 a kg and weekly-based delivery declined by Rs 228 to Rs 37,106 a kg. On the other hand, silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.


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