Gold surges by ₹170 on local jewellers’ demand, global cues

Mumbai-India (March 25)  Globally, gold rose 0.19% to $1,316.90 an ounce and silver by 0.12% to $15.54 an ounce in New York on March 25

Gold prices surged by ₹170 to ₹33,220 per 10 gram at the bullion market in Mumbai on Monday on increased buying by local jewellers amid a firm global trend.

Silver, however, remained weak and fell by another ₹70 to ₹39,200 per kg due to decreased offtake by industrial units and coin makers.

Traders said sentiment turned upbeat on the back of a pick-up in buying support from local jewellers and retailers amid positive global cues as U.S. recession fears boosted appeal for the bullion as safe-haven asset.

Globally, gold rose 0.19% to $1,316.90 an ounce and silver by 0.12% to $15.54 an ounce in New York Monday.

In the national capital, gold of 99.9% and 99.5% purities rose by ₹170 each to ₹33,220 and ₹33,050 per 10 gram, respectively. It had gained ₹80 on March 22.

Sovereign gold, however, held steady at ₹26,400 per piece of eight gram.

On the other hand, silver ready slipped by ₹70 to ₹39,200 per kg and weekly-based delivery by ₹8 to ₹38,364 per kg.

Silver coins, however, continued to be enquired at the previous level of ₹80,000 for buying and ₹81,000 for selling of 100 pieces.

TheHindu