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RJ Market Watch

Gold rises Rs 75 to Rs 33,195 per 10 gram on local buying



New Delhi: Gold prices Monday rose by Rs 75 to Rs 33,195 per 10 gram in the national capital on fresh buying by jewellers amid firm global trends, according to the All India Sarafa Association.

Silver, however, declined by Rs 80 to Rs 37,500 per kg on reduced offtake by industrial units and coin makers. The precious metal strengthened on the back of buying by local jewellers and positive global cues, traders said.

Gold gained in Singapore and New York as investors looked for safe-haven bets amid intensifying trade worries.

Spot gold was trading higher at USD 1,314.50 an ounce in New York amid US announcing that it will impose a five per cent tariff on all Mexican imports which raised gold’s safe-haven appeal. Meanwhile silver was up at USD 14.73.

In Singapore, the yellow metal gained 0.5 per cent to SGD 1,802.51.

Last week, US President Donald Trump said that he will impose a 5 per cent tariff on Mexican goods on June 10 to pressure the Mexican government to block central American migrants from crossing the border into the US.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 75 each to Rs 33,195 per 10 gram and Rs 33,025 per 10 gram, respectively.

Sovereign gold, however, held steady at Rs 26,700 per eight gram.

On Saturday, gold had fallen by Rs 50 to Rs 33,120 per 10 gram.

Silver ready Monday dropped by Rs 80 to Rs 37,500 per kg, while weekly-based delivery rose by Rs 87 to Rs 36,464 per kg.

On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

Courtesy: Economic Times

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