Gold prices climbed Rs. 175 to Rs. 31,725 per 10 gram at the bullion market on Tuesday, reported . The surge in gold rates was driven by a firm global trend amid persistent buying by local jewellers, said traders.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity shot up by Rs. 175 each to Rs. 31,725 and Rs. 31,575 per 10 gram, respectively.
Silver prices also rose today by Rs. 190 to Rs. 38,290 per kg on increased offtake by industrial units and coin makers.
Things to know about gold prices, silver rates on Tuesday:
1. Investors were cautious ahead of a US Fed meeting, which could offer direction on future interest rate hikes, while markets kept a close watch on China-US trade war. This led to a firm trend overseas, said traders.
2. On Monday, gold prices gained Rs. 100 per 10 grams. While silver prices eased by Rs. 50 to Rs. 38,100 per kilogram on Monday.
3. Sovereign remained flat at Rs. 24,500 per piece of eight gram.
4. Silver ready strengthened by Rs. 190 to Rs. 38,290 per kg and weekly-based delivery by Rs. 200 to Rs. 37,725 per kg.
5. Silver coins remained unaltered at Rs. 72,000 for buying and Rs. 73,000 for selling of 100 pieces.
6. Globally, gold today rose 0.03 per cent to $1,199.20 an ounce and silver by 0.04 per cent to $14.23 an ounce in Singapore.
7. Gold has fallen more than 12 per cent since hitting a peak in April against a backdrop of trade disputes and as rising US interest rates diminish demand for non-interest bearing bullion, reported .
8. The months-long trade rift between Washington and Beijing drove investors to buy dollar instead of gold in the belief that the Washington has less to lose from the dispute.