Gold zooms Rs 330 on firm global cues, silver regains Rs 42k-mark

Gold prices rebounded by Rs 330 to reach Rs 32,190 per 10 grams at the bullion market today, tracking a firm trend overseas amid persistent buying by local jewellers.

Silver followed suit and reclaimed the Rs 42,000-mark by rising Rs 450 to Rs 42,400 per kg due to increased offtake by industrial units and coin makers.

Marketmen said apart from a firm trend overseas, where the dollar weakened amid trade war worries between the US and China, brisk buying by local jewellers at the domestic spot market mainly pushed up gold and silver prices.

Globally, gold rose 0.24 per cent to USD 1,301.90 an ounce and silver gained 0.74 per cent to USD 17.13 an ounce in New York in yesterday's trade.

The rupee depreciating against the dollar, making imports of the yellow metal costlier, also supported the upside in prices, experts said.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity spurted by Rs 330 each to Rs 32,190 and Rs 32,040 per 10 gram, respectively. The precious metal had lost Rs 90 in yesterday's trade.

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Sovereign, however, remained steady at Rs 24,800 per piece of eight grams.

In sync with gold, silver ready climbed Rs 450 to Rs 42,400 per kg and weekly-based delivery spurted by Rs 370 to Rs 41,495 per kg.

Silver coins, however, remained unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.