Gold Prices Rise By 175 Rupees On Global Cues

Gold prices rose by Rs 175 to Rs 32,275 per 10 grams at the bullion market on Monday, reported news agency Press Trust of India. The jump came on the back of positive global cues and fresh buying by local jewellers. Silver followed suit and advanced by Rs 200 to Rs 38,000 per kg due to increase in offtake by industrial units and coin makers. A firm trend overseas, with investor appetite for risk curbed by worries over a partial US government shutdown, China-US trade tensions and faltering global economic growth, influenced gold prices here, said the report citing marketmen. Besides, increased buying by local jewellers at the domestic spot market supported the upside, they added.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities added Rs 175 each at Rs 32,275 and Rs 32,125 per 10 grams, respectively. The yellow metal had lost Rs 130 on Saturday. Sovereign, however, traded flat at Rs 25,000 per piece of eight grams.

Globally, gold prices climbed on Monday, holding ground near a six-month high hit last week, as investors remained concerned about political uncertainty in the United States and global economic slowdown, reported news agenct Reuters.

Spot gold was up 0.6 per cent at $1,263.11 per ounce in the intraday trade. The metal had hit its highest since early July at $1,266.40 on Thursday.

Tracking gold, silver ready spurted by Rs 200 to Rs 38,000 per kg and weekly-based delivery by Rs 2 to Rs 37,496 per kg. Silver coins, however, held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.