Gold rises Rs 110 to Rs 33,730 per 10 gm on jewellers' buying

Gold prices rose by Rs 110 to Rs 33,730 per 10 gram in the national capital Monday on fresh buying from jewellers despite the precious metal losing steam overseas, according to the All India Sarafa Association.

Silver, however, declined by Rs 500 to Rs 37,850 per kg on reduced offtake by industrial units and coin makers.

Traders attributed the rise in gold prices to pick up in demand from local jewellers in the domestic spot market, but said a weak trend overseas capped the gains.

Globally, spot gold was trading lower at USD 1,327 an ounce in New York amid easing global trade war concerns after the United States dropped its threat to impose tariffs on Mexico, which reduced the precious metal's safe-haven appeal.

Meanwhile, silver was also quoting lower at USD 14.82 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 110 each to Rs 33,730 per 10 gram and Rs 33,560 per 10 gram, respectively.

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

On Saturday, gold had risen by Rs 200 to Rs 33,620 per 10 gram.

Silver ready fell by Rs 500 to Rs 37,850 per kg, while weekly-based delivery slumped by Rs 517 to Rs 36,827 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.