Gold rises on increased buying by jewellers, firm trend overseas

Gold prices Wednesday rallied by Rs 235 to Rs 33,385 per 10 gram in the national capital on increased buying by local jewellers amid a firm trend overseas, according to the All India Sarafa Association.

Silver too advanced by Rs 130 to Rs 39,710 per kg on increased offtake by industrial units and coin makers.

Traders said gold prices surged due to fresh buying by local jewellers. Besides, the metal crossing USD 1,300 an ounce mark overseas influenced the sentiment here.

Globally, gold was trading higher at USD 1,304.31 per ounce while silver traded marginally lower at USD 15.43 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 235 to Rs 33,385 and Rs 33,215 per 10 gram, respectively.

Sovereign gold, however, remained flat at Rs 26,400 per eight gram.

Silver ready rose Rs 130 to Rs 39,710 per kg and weekly-based delivery by Rs 108 to Rs 38,768 per kg.

Price for a lot of 100 silver coins remained flat at Rs 80,000 for purchase and Rs 81,000 for sale.