Gold prices reach 32000 mark fulled by demand from jewelers

Gold rallied by Rs 120 to Rs 32,000 per ten gram on increased buying by local jewellers amid strong overseas trend.

Silver also strengthened by Rs 300 to Rs 41,400 per kg due to increased offtake by industrial units and coin makers. Traders said increased buying by local jewellers to meet retailers’ demand at domestic spot market and a depreciating rupee against the dollar, making gold import costlier, supported the uptrend.

Besides, the metal surged as its prices rose slightly in global markets amid a firm dollar and uncertainty over the outcome of US-China trade talks, while investors waited for minutes from the Federal Reserve’s meet for clues on the outlook for US interest rates.

Globally, gold rose 0.12 per cent to USD 1,292.20 an ounce in Singapore.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity shot up by Rs 120 each to Rs 32,000 and Rs 31,850 per ten gram, respectively. It had edged up by Rs 5 in yesterday’s trade. Sovereign however held steady at Rs 24,800 per piece of eight gram. In step with gold, silver ready advanced by Rs 300 to Rs 41,400 and weekly-based delivery by Rs 175 to Rs 40,480 per kg.

Silver coins however held steady at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.