Gold bars.  (Reuters )
Gold bars. (Reuters )

Gold prices surge today, cross 33,000; silver rates jump

  • Spot gold gained 0.4% to $1,296.87 per ounce
  • Silver ready advanced by 170 to 38,670 per kg, while weekly-based delivery gained 594 to 37,753 per kg

NEW DELHI: Gold prices surged today amid increased buying by jewelers and higher global prices. In Delhi, gold rates today rose by 425 to 33,215 per 10 gram, Press Trust of India reported citing All India Sarafa Association. Silver rates too today rose by 170 to 38,670 per kg on increased offtake by industrial units and coin makers.

In Delhi, gold of 99.9% and 99.5% purity rose by 425 to 33,215 and 33,045 per 10 gram, respectively. On Saturday, the yellow metal had settled at 32,790 per 10 gram. However, sovereign gold held steady at 26,400 per eight gram.

Silver ready advanced by 170 to 38,670 per kg, while weekly-based delivery gained 594 to 37,753 per kg. On the other hand, silver coins today held flat at 80,000 for buying and 81,000 for selling of 100 pieces.

The fall in the rupee’s value against the US dollar also lifted the price of gold in domestic markets. Rupee fell to 69.67 against the US dollar.

In global markets, gold prices also firmed up while investors awaited minutes of the US Federal Reserve's March meeting later this week.

Spot gold gained 0.4% to $1,296.87 per ounce.

Analysts will be closely watching the progress of US-China trade negotiations. Equity markets could spike on news of an agreement, denting the near-term appeal of gold.

US and Chinese negotiators are scheduled to resume discussions this week to try to secure a pact to end the year-long tit-for-tat tariff battle.

Speculators slashed their bullish wagers in COMEX gold in the week to April 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Holding's in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, also fell as much as 3% in the previous week, its biggest weekly percentage decline since end-November 2016.

(*With Agency Inputs)

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