Gold firms up jewellers’ buying

Gold prices surged to ₹32,870 per 10 gram; Silver declined to ₹38,570 per kg

Gold prices on Monday surged by ₹200 to ₹32,870 per 10 gram in the national capital on fresh buying by local jewellers amid positive trend overseas, according to the All India Sarafa Association.

Silver, however, declined by ₹30 to ₹38,570 per kg on reduced offtake by industrial units and coin makers.

Traders said gold surged on the back of a firm trend overseas as higher crude rates amid escalating tensions between the U.S. and Iran, made bullion attractive as a safe-haven investment.

Globally, spot gold was trading higher at $1,279.50 an ounce, while silver was up at $15.10 an ounce in New York.

On Saturday, the yellow metal shed ₹20 to touch ₹32,670 per 10 gram.

On Monday, gold of 99.9% and 99.5% purity gained ₹200 to ₹32,870 and ₹32,700 per 10 gram, respectively.

Sovereign gold held steady at ₹26,400 per eight gram.

Silver ready dropped ₹30 to ₹38,570 per kg, while weekly-based delivery rose by ₹297 to ₹37,527 per kg.

Silver coins held flat at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.

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