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Gold prices on Wednesday surged by ₹ 260 to ₹ 34,380 per 10 gram at the bullion market here, supported by firm global trend on the back of safe haven buying of the yellow metal by investors and increased demand from local jewellers.
Globally, gold was trading higher at USD 1,425.95 an ounce, while silver was up at USD 15.31 an ounce in New York.
“Bullion prices traded higher, with international spot gold prices traded above USD 1,430 on Wednesday. Gold prices rallied on safe haven buying with investors sighting economic growth concerns. The US 10-year bond yields fell to 2-year lows supporting gold buying.” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
“The trade war jitters on fresh threat of tariffs on USD 4 billion EU goods, expectations of rate cut for the US Federal Reserve and signs of monetary easing from central banks is favouring medium term bullish trend in gold prices,” he added.
Tracking gold, silver also rose ₹ 150 to ₹ 38,650 per kg on more off-take by industrial units in the national capital.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained ₹ 260 each to ₹ 34,380 and ₹ 34,210 per 10 gram, respectively, according to the All India Sarafa Association.
Sovereign gold, however, held steady at ₹ 26,800 per eight gram.
Silver ready prices advanced by ₹ 150 to ₹ 38,650 per kg, while weekly-based delivery jumped ₹ 349 to ₹ 37,348 per kg.
Price of silver coins held flat at ₹ 80,000 for buying and ₹ 81,000 for selling of 100 pieces.
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