Gold, silver resume upward journey; global factors support rally

New Delhi: Gold prices resumed the northward movement on Wednesday, rising by another Rs 150 to Rs 35,870 per 10 gram at the bullion market here in line with a firming global trend, according to the All India Sarafa Association.

Silver rates also firmed up by Rs 350 to Rs 42,300 per kg on increased offtake by industrial units and coin makers.

Gold prices witnessed a rally in the global market as ongoing geo-political tensions in the Persian Gulf region kept investors closer to safe-haven assets like gold, according to analysts.

Apart from global factors, persistent buying by local jewellers helped boost sentiment in the bullion market, they said. Gold price was quoted higher at USD 1,425.40 an ounce in New York, while silver was trading at USD 16.58 per ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 150 each to Rs 35,870 and Rs 35,700 per 10 gram, respectively. Sovereign gold also advanced by Rs 100 to Rs 27,500 per eight gram.

On Tuesday, gold prices declined by Rs 250 to Rs 35,720 per 10 gram. Silver ready jumped by Rs 350 to Rs 42,300 per kg and weekly-based delivery was up by Rs 511 to Rs 41,546 per kg.

Silver coins were in good demand and traded higher by Rs 1,000 at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces, respectively.