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Gold Prices Regain 200 Rupees On Festive Season Buying: 5 Things To Know

Gold, silver prices: Gold prices had shed Rs 70 on Saturday.
Gold, silver prices: Gold prices had shed Rs 70 on Saturday.

Gold prices surged by Rs 200 to Rs 32,250 per 10 grams at the bullion market on Monday, reported news agency Press Trust of India (PTI). Gold rates rose due to a firm trend overseas as Asian stocks eased due to concerns about a potential decline in China's economic growth amid an ongoing trade war and signs of tighter monetary policy by the US Federal Reserve, traders said. Besides, increased buying by local jewellers at domestic spot market to meet festive season demand, also fuelled the uptrend. Gold prices had shed Rs 70 on Saturday.    

Here are 5 things to know about gold prices, silver rates:

1. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 200 each to Rs 32,250 and Rs 32,100 per 10 grams, respectively. 

2. Sovereign gold showed some strength and traded Rs 100 higher at Rs 24,700 per piece of eight grams.    

3. Globally, gold rose 0.53 per cent to $ 1,225 an ounce and silver by 0.48 per cent to $14.75 an ounce in Singapore Monday. 

4. "MCX gold has begun new week with positive sentiments as investment demand has gone up on. Comex gold smoothly sailed above $1,200 as Saudi Arabia is running out of time to explain to the Trump administration what happened to journalist Jamal Khashoggi within its consulate in Turkey. There is every possibility of rising tensions between the US and Saudi as Saudi also said they would retaliate in case US takes any action against them", said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities. 

5. Silver prices also followed suit and recovered by Rs 350 to Rs 39,750 per kg due to increased offtake from industrial units and coin makers.  The weekly-based delivery moved up by Rs 345 to Rs 39,260 per kg. Silver coins, however, continued to be traded at previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces. 

(With PTI inputs)