Gold rises for second day on positive overseas trend

Extending its upward movement for the second straight day, gold prices on Thursday rose by Rs 40 to Rs 32,890 per 10 grams at the bullion market here due to increased buying from jewellers amid a firm trend overseas, according to the All India Sarafa Association.

Silver, however, stood steady at Wednesday’s level of Rs 38,220 per kg.

Besides the rise in demand from local jewellers, sentiment remained upbeat due to the trade tensions between the US and China ahead of crucial talks between the countries, boosting gold’s safe-haven appeal.

Trade talks are due to be held on May 9-10 in Washington between trade delegations headed by Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin.

Globally, spot gold was trading higher at USD 1,284.70 an ounce, while silver stood steady at USD 14.90 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 40 each to Rs 32,890 and Rs 32,720 per 10 grams, respectively.

Sovereign gold held steady at Rs 26,400 per eight grams.

Silver ready held steady at Rs 38,220 per kg, while weekly-based delivery gained by Rs 339 to Rs 37,445 per kg.

On the other hand, silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.