Gold crosses Rs 34,000-mark, gains Rs 320

Extending its upward trend, gold prices Wednesday rose by Rs 320 and crossed the Rs 34,000 mark per 10 gram at the bullion market here mirroring firm trend overseas, according to All India Sarafa Association.

The yellow metal rose by Rs 320 to Rs 34,070 per 10 gram.

Following gold, silver too rose by Rs 330 to Rs 41,330 per kg on increased offtake by industrial units and coin makers.

Traders said, with uncertainty looming over the trade-talks outcome between US-China amid launching of criminal proceedings against the Chinese telecom giant Huawei by Washington, investors resorted to safe haven buying, which pushed up gold prices.

Globally, gold rose to USD 1,314.76 an ounce and silver traded higher at USD 15.96 an ounce in New York.

In previous two days, gold prices rose by Rs 450.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities climbed Rs 320 each to Rs 34,070 and Rs 33,920 per 10 gram, respectively.

Similarly, sovereign gold advanced by Rs 200 to Rs 25,900 per piece of eight gram.

Silver ready rose by Rs 330 to Rs 41,330 per kg and weekly-based delivery by Rs 361 to Rs 40,434 per kg.

Silver coins, too, were in good demand and traded higher by Rs 1,000 at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces, respectively.