Gold prices surge today, silver also edges up1 min read . Updated: 31 May 2019, 06:23 PM IST
- In Delhi, gold of 99.9% and 99.5% purity surged by ₹300 each to ₹33,170
- The silver also gained ₹150 to settle at ₹37,550 per kg
NEW DELHI: Gold prices today rose by ₹300 and settled at ₹33,170 per 10 gram in Delhi, according to the All India Sarafa Association. The rise in price is mainly attributed to the incresed buying from the jewllers and the strong overseas trends.
In Delhi, gold of 99.9% and 99.5% purity surged by ₹300 each to ₹33,170 and ₹33,000 per 10 gram, respectively. Sovereign gold held steady at ₹26,500 per eight gram.
The silver also gained ₹150 to settle at ₹37,550 per kg on increased offtake by industrial units and coin makers. Traders said sentiment turned bullish on the back of a pick-up in buying support from local jewellers and positive global trend which mainly drove gold prices higher.
Silver coins were in good demand and traded higher by ₹1,000 at ₹80,000 for buying and ₹81,000 for selling of 100 pieces, respectively.
Globally the gold prices also hit a two week high as reported by the news agency Reuters. The reason for the surge in gold prices is being seen after Washington's threat of tariffs on Mexico. US President Donald Trump on Thursday said that Washington will impose a 5% tariff on all goods coming from Mexico, starting on June 10, until the flow of illegal immigrants into the United States ceases.
Spot gold was trading higher at $1,297.90 an ounce in New York.Meanwhile, silver stood steady at $14.61 an ounce.
Financial markets were rattled by the possibility that the United States and beyond could be tipped into recession.
Among other metals, silver edged 0.2% higher to $14.54 an ounce but was heading for a fourth consecutive monthly loss.Platinum rose 0.2% to $793.26, on track for its biggest monthly loss since November 2015, down 10.5%.
With Agency Inputs