BackGold prices jump for second day, silver rates surge
Gold prices today were lifted by higher global rates and a pick up in domestic demandSilver prices also surged, buoyed by higher offtake from industrial units
PremiumBuoyed by a pick up in domestic demand and higher global prices, gold prices in India extended gains to the second straight day. Gold prices today rose ₹175 to ₹33,370 per 10 gram in the national capital, Press Trust of India reported, citing All India Sarafa Association. Silver rates also moved higher today, lifted by higher demand from industrial units. Gold prices had advanced by ₹75 on Monday.
In Delhi, prices of gold of 99.9% and 99.5% purity surged by ₹175 each to ₹33,370 per 10 gram and ₹33,200 per 10 gram, respectively. Sovereign gold, however, held steady at ₹26,700 per eight gram. Meanwhile, silver ready rose ₹250 to ₹37,750 per kg, while weekly-based delivery advanced ₹162 to ₹36,626 per kg.
On the other hand, silver coins held flat at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.
Meanwhile, India's gold imports in May jumped sharply from a year earlier as lower prices boosted festive demand, Reuters reported citing sources.
Analysts say that higher gold imports by India, the world's second-biggest consumer of the precious metal, could support global prices that are trading near their highest level in three months.
In global markets, gold prices remained steady, hovering near a three-month high, as global slowdown worries driven by trade conflicts amid expectations of a US interest rate cut stoked investors towards the safe-haven bullion.
Spot gold prices were at $1,323.81 per ounce, after touching its highest since February 27 at $1,327.90 in the previous session. (With Agency Inputs)
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