Gold prices rise to Rs 33,000; demand takes a hit as traders move to silver

Price hike due to safe-haven buying; trend likely to continue

The price of gold at the spot market here was trading above Rs 33,000 per 10 gram as those abroad went above $1,300 an ounce on safe-haven buying.

However, demand and import took a hit at the high price and the trend is likely to continue. On Wednesday’s close, the price had moderated marginally to Rs 32,985 per 10g.

The global gold price rose a little more than two per cent this week. In India, gold was trading around a discount of $10 per ounce or Rs 240 per 10g. That has turned since into quoting at a marginal premium