Gold rises Rs 150 on jewellers' buying, positive global trend

New Delhi: Extending its upward trend for second day, the price of gold on Friday surged by Rs 150 to Rs 33,020 per 10 gram in the national capital on a pick-up in buying from jewellers amid firm trend overseas, according to the All India Sarafa Association.

Silver also rose Rs 230 to Rs 38,750 per kg on increased offtake by industrial units and coin makers.

Traders said positive trend overseas and support from local jewellers led to a rise in precious metal. They also said that with the rupee hovering around Rs 70 against a dollar, the gold is in demand as a safe haven to mitigate the risk. The rupee appreciated 16 paise to 70.09 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and weakening greenback in foreign markets.

Globally, spot gold was trading higher at USD 1,282.70 an ounce, while silver was up at USD 15.10 an ounce in New York. On Thursday, the precious metal had gained Rs 150. In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 150 to Rs 33,020 and Rs 32,850 per 10 gram, respectively.

However, sovereign gold held steady at Rs 26,400 per eight gram. Silver ready rose by Rs 230 to Rs 38,750 per kg, while weekly-based delivery advanced by Rs 179 to Rs 37,560 per kg. On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces