Gold extends gains, climbs Rs 250 on global cues, high demand
New Delhi, Mar 23 :Gold prices flared up by Rs 250 to Rs 31,750 per 10 grams at the bullion market today, largely driven by a firming trend overseas and increased buying by local jewellers.
Silver also strengthened by Rs 50 to Rs 39,550 per kg due to increased offtake by industrial units and coin makers.
Traders said sentiment remained better after gold prices rose to a two-week high in the global markets on a softer dollar as investors scurried to safety after the US President Donald Trump took a step towards long-promised anti-China tariffs, stoking fears of a global trade war.
Globally, gold rose 0.92 per cent to USD 1,340.80 an ounce and silver by 0.98 per cent to USD 16.50 an ounce in Singapore.
Besides, persistent buying by local jewellers to meet demands during 'Navratri' at domestic spot market and shifting of funds from melting equity to rising gold, too supported the uptrend, they said.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity shot up by Rs 250 each to Rs 31,750 and Rs 31,600 per 10 grams, respectively. The precious metal had gained Rs 150 yesterday.
Sovereign, however, remained flat at Rs 24,800 per piece of eight grams.
In a similar fashion, silver ready strengthened by Rs 50 to Rs 39,550 per kg and weekly-based delivery by Rs 5 to Rs 38,780 per kg.
Silver coins, however, held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.