Gold rallies for second day, rises Rs 175 on buying support

Extending its gains for second consecutive day, gold prices Tuesday surged Rs 175 to Rs 33,370 per 10 gram in the national capital on fresh domestic demand, according to the All India Sarafa Association.

Tracking gold, silver also gained Rs 250 to 37,750 per kg on more offtake by industrial units and coin makers.

Traders attributed the rise in gold prices to a pick-up in demand from local jewellers and retailers in the domestic market.

Globally, spot gold was trading steady at USD 1,324 an ounce in New York, while silver was quoting lower at USD 14.79 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 175 each to Rs 33,370 per 10 gram and Rs 33,200 per 10 gram, respectively.

Sovereign gold, however, held steady at Rs 26,700 per eight gram.

In the previous session, gold had gained Rs 75 to Rs 33,195 per 10 gram.

Meanwhile, silver ready rose Rs 250 to Rs 37,750 per kg, while weekly-based delivery advanced Rs 162 to Rs 36,626 per kg.

On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.