Gold rises for 2nd day, surges Rs 150 to Rs 33,020

Gaining for second day, gold prices Wednesday rose by Rs 150 to Rs 33,020 per 10 gram in the national capital due to fresh buying from jewellers amid firm trend overseas, according to the All India Sarafa Association.

Silver, however, declined Rs 225 to Rs 37,325 per kg on subdued offtake by industrial units and coin makers.

Bullion traders said sentiment in the domestic market turned bullish on the back of increased buying by jewellers and a positive trend in global markets.

Besides, a weaker rupee raised safe haven appeal of the precious metal, they added.

The rupee depreciated by 15 paise to 69.84 against the dollar in early trade Wednesday on weak opening in domestic equities and foreign fund outflows.

Globally, spot gold was trading higher at USD 1,284.40 an ounce, while silver was up at USD 14.47 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged Rs 150 each to Rs 33,020 and Rs 32,850 per 10 gram, respectively.

Sovereign gold, however, held steady at Rs 26,500 per eight gram.

Gold had risen Rs 100 to Rs 32,870 per 10 gram on Tuesday.

Meanwhile, silver ready dropped by Rs 225 at Rs 37,325 per kg, while weekly-based delivery declined Rs 243 to Rs 36,183 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.