Wedding buzz keeps gold firm at Rs 33,650/10 gram

Gold prices surged by Rs 350 to Rs 33,650 per 10 gram on Monday as buying by local jewellers gathered steam to meet wedding season demand, according to All India Sarafa Association.

Silver too shone by gaining Rs 850 to Rs 40,900 per kg on increased offtake by industrial units and coin makers.

As per bullion traders, gold firmed up on increased buying by jewellers to meet the ongoing wedding season demand.

Besides, gold prices crossing USD 1,300 an ounce overseas influenced the sentiment in the domestic market, they said.

Bullion market was closed on Saturday on account of Republic Day.

Globally, gold rose to USD 1,301.82 an ounce and silver traded higher at USD 15.77 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities climbed Rs 350 each to Rs 33,650 and Rs 33,500 per 10 gram, respectively.

Sovereign gold advanced by Rs 200 to Rs 25,700 per piece of eight gram.

Silver ready rose by Rs 850 to Rs 40,900 per kg and weekly-based delivery by Rs 954 to Rs 39,990 per kg.

Silver coins, too, were in good demand and traded higher by Rs 1,000 at Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces, respectively.