Gold Prices Jump On Strong Global Cues: 5 Things To Know

Gold prices jumped by Rs 200 to Rs 34,470 per 10 grams on Tuesday, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Tracking the movement of gold, silver prices also rose by Rs 110 to Rs 39,200 per kg on higher uptake by coin makers and industrial units. Increased buying by local jewellers and positive global market pushed spot gold prices in the domestic markets, said the report citing traders. The yellow metal had declined by Rs. 100 to Rs. 34,270 per 10 grams on Monday.

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

1. Globally, gold scaled a six-year peak on Tuesday as a weaker dollar, prospects of monetary easing by the US Federal Reserve and simmering US-Iran tensions continued to stoke bullish sentiment in the market, reported news agency Reuters. 

2. Spot gold hit its highest since May 2013 at $1,438.63 earlier on Tuesday, before easing slightly to stand $1,430 per ounce in intraday trade, up 0.8 per cent on the day. The market is set for a sixth consecutive session of gains and has gained 9.6 per cent so far this month. The metal has added around $100 in the past week alone.

3. "The slower global economic growth and dovish stance from major central banks and looming trade war concerns is fuelling higher demand for gold, adding risk premium to the prices," Press Trust of India quoted Tapan Patel, senior analyst (commodities), HDFC Securities, as saying.

4. In Delhi, gold of 99.9 per cent and 99.5 per cent purity jumped by Rs 200 each to Rs 34,470 and Rs 34,300 per 10 grams, respectively. Sovereign gold also moved up by Rs 100 to Rs 26,900 per eight grams.

5. Silver ready prices rose by Rs 110 to Rs 39,200 kg, while weekly-based delivery edged up by Rs 35 to Rs 38,133 per kg. Price of silver coins, too, jumped by Rs 1,000 to Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

(With agency inputs)