Gold Prices Jump By 377 Rupees On Strong Demand: 5 Things To Know

Gold prices on Tuesday rose by Rs 377 to Rs 33,395 per 10 grams news agency Press Trust of India reported quoting the All India Sarafa Association. The jump came due to rise in domestic demand. Tracking gold, silver too gained Rs 300 to Rs 38,300 per kg on increased offtake by industrial units and coin makers. Apart from uptick in local demand, further escalation of trade war between the US and China boosted gold's safe-haven appeal, thereby leading to upward movement in prices of yellow metal, said the report citing traders. In a retaliatory move, China on Monday said it would raise tariffs on US goods worth nearly $60 billion.

Here are five things to know about gold and silver prices today:

1. Globally, gold retreated slightly from a one-month high on Tuesday as equity markets enjoyed some respite after the United States and China adopted a more optimistic tone on their trade dispute, reported news agency Reuters.

2. Spot gold was down 0.2 per cent at $1,297.73 per ounce in intraday trade, after hitting $1,303.26 in the session, its highest since April 11. US gold futures were down 0.3 per cent at $1,298.40.

3. In Delhi, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 377 each to Rs 33,395 and Rs 33,225 per 10 grams, respectively. On Monday, the yellow metal had gained by Rs. 65.

4. However, sovereign gold stood steady at Rs 26,500 per eight grams.

5. Meanwhile, silver ready surged by Rs 300 to Rs 38,300 per kg, while weekly-based delivery rose Rs 267 to Rs 37,557 per kg. Silver coins traded higher by Rs 1,000 at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces, respectively.

(With agency inputs)