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Gold prices jump ahead of Akshaya Tritiya

Gold prices on Monday rose by 75 to 32,720 per 10 gram at the bullion market here due to fresh buying from jewellers amid firm trend overseas, according to the All India Sarafa Association.

Jewellers are expecting double-digit volume growth in gold sales this Akshaya Tritiya, hoping that stable prices of the yellow metal will attract more buyers.

Silver, however, declined ₹70 to ₹38,130 per kg due to reduced offtake by industrial units and coin makers.

Traders said positive trend overseas and support from local jewellers led to a rise in precious metal. Besides, US President Donald Trump announcing to impose higher tariffs on Chinese goods boosted appeal for the bullion as safe-haven asset amid fresh fears of escalation of trade war between the countries, they added.

Trump announced Sunday that the US would raise tariffs on USD 200 billion of Chinese imports from the current 10 per cent to 25 per cent this week, because trade talks are moving "too slowly.”

Globally, spot gold was trading higher at$1,282.60 an ounce, while silver was down at $14.91 an ounce in New York.

On Saturday, the yellow metal had gained by 175 to 32,645 per 10 gram.

In the national capital, gold of 99.9% and 99.5% purity advanced by 75 each to 32,720 and ₹32,550 per 10 gram, respectively.

Sovereign gold held steady at 26,400 per eight gram.

Silver ready dropped by 70 to 38,130 per kg and weekly-based delivery surged by 313 to 37,290 per kg.

Silver coins were in good demand and traded higher by 1,000 at ₹79,000 for buying and ₹80,000 for selling of 100 pieces, respectively.

Courtesy - Livemint

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