Gold rises Rs 200 on renewed demand, firm trend overseas

Snapping its downward trend, gold prices Friday witnessed a rise of Rs 200 to Rs 33,270 per 10 grams at the bullion market here on fresh buying from jewellers amid firm trend overseas, according to the All India Sarafa Association. Tracking gold, silver advanced by Rs 120 to Rs 39,100 per kg due to increased offtake by industrial units.

Traders said with China’s export data registering a decline thereby indicating a weaker global economic outlook, led to safe-haven buying from the jewellers. Besides, firm trend overseas aided in upward movement of the yellow metal, they added. Globally, spot gold traded higher at USD 1290.60 an ounce and silver held steady at USD 15.08 an ounce in New York.

In the previous six sessions, gold had lost total Rs 1,130.In the national capital, gold of 99.9 per cent and 99.5 per cent purities gained Rs 200 each to Rs 33,270 and Rs 33,100 per 10 grams, respectively.

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However, sovereign gold held steady at Rs 26,400 per 8 grams. Silver ready rose by Rs 120 to Rs 39,100 per kg, while weekly-based delivery advanced by Rs 108 to Rs 38,310 per kg.

Silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.