Wedding season pushes gold prices to ₹33,300

Extending its upward trend for third straight day, gold prices Wednesday gained ₹65 to ₹33,190 per 10 gram at the bullion market here due to increased demand from jewellers, according to the All India Sarafa Association.

Silver too followed the trend and surged by ₹300 to ₹40,500 per kg driven by significant increase in demand from industrial units and coin makers.

Traders said, gold prices witnessed an uptick, as investors bet on this asset class as a safe haven, owing to depreciation in the rupee vis-a-vis the US dollar.

Besides, a firm trend overseas supported the gain in the prices of yellow metal, they added.

In the last two days, gold prices went up by ₹250.

Globally, gold traded higher at USD 1,292.03 an ounce and silver stood at USD 15.60 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities advanced by ₹65 each to ₹33,190 and ₹33,040 per 10 gram, respectively.

However, sovereign gold held steady at ₹25,400 per piece of eight grams.

Silver ready gained ₹300 to ₹40,200 per kg, while weekly-based delivery declined by ₹88 to ₹39,833 per kg.

Silver coins, however, held flat at ₹77,000 for buying and ₹78,000 for selling of 100 pieces.