Gold rises Rs 150 on jewellers' buying, weak rupee

Gold prices Thursday rose by Rs 150 to Rs 32,870 per 10 gram in the national capital on fresh buying from jewellers, according to the All India Sarafa Association.

Silver also gained Rs 295 to Rs 38,520 per kg on more offtake by industrial units and coin makers.

Traders said besides increased buying from local jewellers, a depreciating rupee which slumped to Rs 70 against the dollar aided the uptrend.

The rupee slumped 22 paise to 70.08 against the dollar in early trade on Thursday due to rising global crude prices and fresh demand for the American currency from importers.

Globally, spot gold was trading higher at USD 1,278.50 an ounce, while silver was trading lower at USD 14.99 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 150 to Rs 32,870 and Rs 32,700 per 10 gram, respectively.

However, sovereign gold held steady at Rs 26,400 per eight gram.

Silver ready surged Rs 295 to Rs 38,520 per kg, while weekly-based delivery rose by Rs 376 to Rs 37,381 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.