Gold rose for the fourth straight day on Thursday crossing the Rs 33,000-mark at Rs 33,070 per 10 grams, gaining Rs 270 at the bullion market, reported news agency Press Trust of India (PTI). The prices climbed on increased demand from local jewellers, reported the agency quoting All India Sarafa Association. Silver also followed the gold movement by rising Rs 410 to Rs 40,510 per kg on fresh buying by industrial units and coin makers. With the rupee hovering around Rs 70 against dollar, the gold was in demand as a safe haven to mitigate the risk and support from local jewellers aided the gain in the prices of yellow metal, said PTI citing traders. Besides, firm trend overseas helped the rise in the gold prices.
Here are key things to know about gold, silver prices:
1. Globally, gold steadied near a more than six-month peak on Thursday as the dollar's slight recovery offset concerns about economic growth after US-China talks failed to provide clarity on efforts to end their trade dispute, reported news agency Reuters.
Spot gold was little changed at $1,293.42 per ounce in intraday trade, hovering near last week's peak of $1,298.42 - a level last seen in the middle of June. US gold futures gained 0.2 percent to $1,294.20 per ounce.
2. In the national capital, gold of 99.9 per cent and 99.5 per cent purities rose Rs 270 each to Rs 33,070 and Rs 32,920 per 10 grams, respectively. Similarly, sovereign gold advanced by Rs 100 to Rs 25,300 per piece of eight grams. The yellow metal rose Rs 300 in the previous three days.
3. "There is a good chance of earning handsome returns in bullion if you buy gold and silver with one week perspective. Prices are likely to add gains of 1.50-2 per cent from here," said Gaurav Katariya, research head (commodity), Arihant Capital Markets.
4. Silver-ready jumped Rs 410 to Rs 40,510 per kg, while weekly based delivery gained Rs 367 to Rs 39,700 per kg.
5. Silver coins, too, were in demand and traded higher at Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces, as against the previous level of Rs 77,000 and Rs 78,000, respectively.
(With agency inputs)