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Gold rises by Rs 377 to Rs 33,395 on robust demand

Gold rises by Rs 377 to Rs 33,395 on robust demand

Tue May 14 2019



Gold prices on Tuesday rose by Rs 377 to Rs 33,395 per 10 gram in the national capital due to rise in domestic demand, according to the All India Sarafa Association. Tracking gold, silver too gained Rs 300 to Rs 38,300 a kg on increased offtake by industrial units and coin makers.


Traders said apart from uptick in local demand, further escalation of trade war between the US and China boosted gold’s safe-haven appeal, thereby leading to upward movement in prices of yellow metal. In a retaliatory move, China on Monday said it would raise tariffs on US goods worth nearly $ 60 billion.


Globally, spot gold was trading at $ 1,298 an ounce, while silver was at $ 14.83 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 377 each to Rs 33,395 and Rs 33,225 per 10 gram, respectively. However, sovereign gold stood steady at Rs 26,500 per eight gram.


Meanwhile, silver ready surged by Rs 300 to Rs 38,300 a kg, while weekly-based delivery rose Rs 267 to Rs 37,557 a kg. Silver coins were in good demand and traded higher by Rs 1,000 at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces, respectively.


Source: Hindu business line.