Gold hits year’s high of ₹32,500 on festive buying, global cues

Gold prices spurted by ₹150 to trade at this year’s high of ₹32,500 per 10 grams at the bullion market on Wednesday on persistent buying by local jewellers amid a firm trend overseas.

Silver, however, shed ₹20 to ₹39,730 per kg owing to reduced offtake by industrial units.

Traders said increased buying by local jewellers to meet festive and wedding season demand and a firm trend overseas mainly lifted gold prices to this year’s highest level.

Gold prices in overseas markets rose 0.11% to USD 1,232.20 an ounce in Singpore. It touched USD 1,239.68 an ounce on Tuesday, highest since July 17 as geopolitical and economic uncertainty raised demand for the precious metals as a safe-haven.

Silver also moved up by 0.17% to USD 14.83 an ounce.

In the national capital, gold of 99.9% and 99.5% purity advanced by ₹150 each to ₹32,500 and ₹32,350 per 10 grams, respectively, its highest level this year. The yellow metal had gained ₹130 on Tuesday.

The precious metal had traded at ₹32,450 per 10 gram on May 15.

Sovereign too traded higher by ₹100 at ₹24,800 per piece of eight grams.

On the other hand, silver ready eased by ₹20 to ₹39,730 per kg and weekly-based delivery by ₹50 to ₹39,010 per kg.

Silver coins, however, spurted by ₹1,00 to ₹76,000 for buying and ₹77,000 for selling of 100 pieces.

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