Gold prices today rose Rs 270 to Rs 33,070
Gold prices today rose Rs 270 to Rs 33,070

Gold prices rise for fourth day, hit 33,000; silver rates surge

Prices of gold of 99.9% and 99.5% purities today rose 270 each to 33,070 and 32,920 per 10 grams, respectively

New Delhi: Gold prices gained for the fourth straight session on Thursday when its crossed the 33,000 mark. Gold rates rose 270 to 33,070 per 10 gram amid increased demand from local jewellers, according to All India Sarafa Association. Tracking gold, silver rates surged 410 to 40,510 per kg on fresh buying by industrial units and coin makers. Steady global rates also supported domestic gold prices. Gold prices had risen nearly 300 over the past three days.

In Delhi, prices of gold of 99.9% and 99.5% purities rose 270 each to 33,070 and 32,920 per 10 grams, respectively. Similarly, sovereign gold advanced by 100 to 25,300 per piece of eight grams. Silver-ready jumped 410 to 40,510 per kg, while weekly based delivery gained 367 to 39,700 per kg. Silver coins, too, were in demand and traded higher at 78,000 for buying and 79,000 for selling of 100 pieces, as against the previous level of 77,000 and 78,000, respectively.

In global markets, gold prices were steady below $1,300 an ounce. “Gold has seen some consolidation beneath the psychological $1,300 level, with a pull on each side of the market," said David Meger, director of metals trading at High Ridge Futures.

Fed Chairman Jerome Powell said on Thursday the US central bank has the ability to be patient on monetary policy given data showing stable prices, and downplayed suggestions that interest rates would be raised twice more this year.

Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion.

(With Agency Inputs)

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