Gold prices surged by Rs 350 to Rs 33,650 per 10 grams on Monday as buying by local jewellers gathered steam to meet wedding season demand, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver too shone by gaining Rs 850 to Rs 40,900 per kg on increased offtake by industrial units and coin makers. Gold firmed up on increased buying by jewellers to meet the ongoing wedding season demand, said the report citing bullion traders. Besides, gold prices crossing $1,300 an ounce overseas influenced the sentiment in the domestic market, traders said.
Here are five key things to know about gold, silver prices:
1. In Delhi, gold of 99.9 per cent and 99.5 per cent purities climbed Rs 350 each to Rs 33,650 and Rs 33,500 per 10 grams, respectively. Bullion market was closed on Saturday on account of Republic Day.
2. Sovereign gold advanced by Rs 200 to Rs 25,700 per piece of eight grams.
3. Globally, gold prices held steady on Monday, near a seven-month peak scaled in previous session, on hopes the US Federal Reserve will keep interest rates unchanged during its two-day policy meeting later in the week, reported news agency Reuters.
4. Spot gold was firm at $1,301.44 per ounce in intraday trade, while US gold futures climbed 0.2 per cent to $1,301 per ounce.
5. Silver ready rose by Rs 850 to Rs 40,900 per kg and weekly-based delivery by Rs 954 to Rs 39,990 per kg. Silver coins, too, were in good demand and traded higher by Rs 1,000 at Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces, respectively.
(With agency inputs)