Gold hits one-month high on positive global cues

Gold prices rose by Rs 85 to trade at one-month high of Rs 31,835 per 10 grams today on strong global cues and increased buying by local jewellers.

Silver prices also went up by Rs 50 to Rs 39,600 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 per cent to USD 1,346.80 an ounce and silver by 1.13 per cent to USD 16.53 an ounce in New York in yesterday'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 per cent and 99.5 per cent purity rose further by Rs 85 each to Rs 31,835 and Rs 31,685 per 10 grams, respectively, a level last seen on February 27. The yellow metal had surged Rs 250 yesterday.

Sovereign, continued to be traded at previous level of Rs 24,800 per piece of eight grams.

Following gold, silver ready edged higher by Rs 50 to Rs 39,600 per kg and weekly-based delivery by Rs 115 to Rs 38,895 per kg.

On the other hand, silver coins, however, maintained a steady trend at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.