Gold prices surge by Rs 180 on firm global trend

Gold prices rose by Rs 180 to Rs 32,850 per 10 gram at the bullion market here 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 per 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 USD 1,288.20 an ounce, while silver marginally rose to USD 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 per kg and weekly-based delivery declined by Rs 228 to Rs 37,106 per kg.

On the other hand, silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.