Business

Surge in gold prices; on back of global cues, firm buying from local traders

surge in gold prices are expected to meet retailer demand

Amid positive global cues and brisk buying by local traders, gold soared by Rs 300 to trade at Rs 32,150 per ten gram at the bullion market.

Similarly, the other metal silver too reclaimed the Rs 40,000-level per kg by gaining Rs 240 and it is due to the increased acquisition by industrial units and coin makers.

It is said that the firm trend overseas, brisk buying by local jewellers have fueled the demand and thus the prices.

The surge in gold prices are expected to meet retailer demand in the domestic spot market.

Besides, a depreciated rupee against the dollar made imports of the metal costlier, thus fuelling the uptrend, it is said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 300 each to Rs 32,150 and Rs 32,000 per ten gram respectively.

The precious metal had gained Rs 500 in the previous four sessions.

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