Gold Prices Surge On Firm Global Cues: 5 Things To Know

Gold prices surged by Rs 170 to Rs 33,220 per 10 gram at the bullion market on Monday reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. The prices increased on buying by local jewellers amid a firm global trend. Silver, however, remained weak and fell by another Rs 70 to Rs 39,200 per kg due to decreased offtake by industrial units and coin makers. Sentiment turned upbeat on the back of a pick-up in buying support from local jewellers and retailers amid positive global cues as US recession fears boosted appeal for the bullion as safe-haven asset, said the report citing traders.

Here are 5 things to know about gold, silver prices: 
    
1. Globally, gold prices rose on Monday as investors' appetite for riskier assets faded on concerns about a potential US recession and decelerating global growth, increasing appeal for the bullion alongside yen and bonds, reported news agency Reuters. 

2. Spot gold gained 0.3 percent to $1,316.40 per ounce in intraday trade, while US gold futures also added 0.3 per cent to $1,316.50 an ounce.

3. In Delhi, gold of 99.9 per cent and 99.5 per cent purities rose by Rs 170 each to Rs 33,220 and Rs 33,050 per 10 grams, respectively. It had gained Rs 80 on Friday.    

4. Sovereign gold, however, held steady at Rs 26,400 per piece of eight grams.    

5. On the other hand, silver ready slipped by Rs 70 to Rs 39,200 per kg and weekly-based delivery by Rs 8 to Rs 38,364 per kg. Silver coins, however, continued to be enquired at the previous level of Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces. 

(With agency inputs)