Gold surges Rs 350 on global cues, high demand

Gold prices climbed by Rs 350 to Rs 32,475 per ten gram at the bullion market today, extending its rising streak for the fourth straight day largely on firming trend overseas amid persistent buying by local jewellers.

Silver also shot up by Rs 250 to Rs 41,550 per kg due to increased offtake by industrial units and coin makers.

Traders said sentiment remained upbeat on positive global cues, as dollar and treasury yields declined following US President Donald Trump's cancellation of a planned meeting with North Korean leader Kim Jong Un.

Globally, gold rose 0.86 per cent to USD 1,304.10 an ounce and silver by 1.19 per cent to USD 16.64 an ounce in New York in yesterday's trade.

Besides, increased offtake by local jewellers to meet the rising wedding season demand from retailers at domestic spot market too supported the uptrend, they said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity flared up by Rs 350 each to Rs 32,475 and Rs 32,325 per ten grams respectively. It had gained Rs 250 in the previous three sessions.

Sovereign gold, however, remained steady at Rs 24,800 per piece of eight gram.

In line with overall trend, silver ready rebounded by Rs 250 to Rs 41,550 per kg and weekly-based delivery by Rs 300 to Rs 40,760 per kg.

Silver coins however, continued to be enquired at previous level of Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.