Press Trust of india

Gold prices jump Rs 230 on positive global cues

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New Delhi Feb 19:  Gold prices Tuesday rose Rs 230 to Rs 34,680 per 10 gram at the bullion market in the national capital on firm trend overseas, according to the All India Sarafa Association.

Besides, silver rose by Rs 100 to Rs 41,350 per kg, supported by increased offtake by industrial units.

Traders said firm trend overseas influenced the sentiment in the domestic market leading to advancement in the prices of the yellow metal.

However, subdued demand from local jewellers capped the gain in the gold prices, they added.

Meanwhile, Tapan Patel, senior research analyst (commodities), said: “The Brexit worries and the concerns over US-China trade talks have been the bullish factors for gold prices since the past 2 months with the prices rallying almost 14 per cent from the lows made in 2018.”

Gold prices at New York-based commodity exchange traded above at USD 1,325 an ounce awaiting the minutes of the US Federal Reserve meeting during the week while weaker dollar remained the constant supportive factor, he said.

Patel, however, added that silver prices in New York traded steady near USD 15.82 an ounce gaining support from stong gold prices and buying in industrial metals.

On Monday, the Delhi bullion market remained closed in the wake of a terror attack on Central Reserve Police Force (CRPF) personnel.

In the national capital, gold of 99.9 per cent and 99.5 per cent purities jumped by Rs 230 each to Rs 34,680 and Rs 34,530 per 10 gram, respectively.

Sovereign gold, on the other hand, continued to rule flat at Rs 26,400 per piece of 8 gram.

Silver ready advanced by Rs 100 to Rs 41,350 per kg and and weekly-based delivery climbed Rs 215 to Rs 40,177 per kg.

Silver coins were also in good demand and traded higher by Rs 1,000 at Rs 82,000 for buying and Rs 83,000 for selling of 100 pieces.

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