Gold tops Rs 32,000-mark on global cues

Gold surged by Rs 555 to reach Rs 32,030 per 10 gram at the bullion market Wednesday, taking positive leads from global markets amid fresh buying by local jewellers.

Silver too went past the Rs 39,000-per kg mark on increased offtake by industrial units and coin makers.

Traders said sentiment turned upbeat on positive global cues, as demand picked up after the US and Canada reached an agreement to salvage a North American free trade deal.

Besides, the rupee collapsing to a fresh life-time low of 73.41 against the dollar (intra-day), making imports costlier, too supported the upside in gold prices, they added.

Globally, gold rallied 0.32 per cent to USD 1,207.60 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity soared by Rs 555 each to Rs 32,030 and Rs 31,880 per 10 gram, respectively. The precious metal had lost Rs 150 in the previous session on Monday.

Market remained closed Tuesday on account of Gandhi Jayanti.

Sovereign too rose in sympathy by gaining Rs 100 to trade at Rs 24,600 per piece of eight gram.

In line with overall trend, silver ready gained Rs 450 to Rs 39,400 per kg and weekly-based delivery rose by Rs 460 to Rs 38,980 per kg.

Silver coins, however, were unaltered at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.