Gold rises for second day, surges ₹150 to ₹33,020

Gold prices rise by ₹150 to ₹33,020 per 10 gram; Silver declines ₹225 to ₹37,325 per kg

Gaining for second day, gold prices on May 29 rose by ₹150 to ₹33,020 per 10 gram in the national capital due to fresh buying from jewellers amid firm trend overseas, according to the All India Sarafa Association.

Silver, however, declined ₹225 to ₹37,325 per kg on subdued offtake by industrial units and coin makers.

Bullion traders said sentiment in the domestic market turned bullish on the back of increased buying by jewellers and a positive trend in global markets.

Besides, a weaker rupee raised safe haven appeal of the precious metal, they added.

The rupee depreciated by 15 paise to 69.84 against the dollar in early trade Wednesday on weak opening in domestic equities and foreign fund outflows.

Globally, spot gold was trading higher at $1,284.40 an ounce, while silver was up at $14.47 an ounce in New York.

In the national capital, gold of 99.9% and 99.5% purity surged ₹150 each to ₹33,020 and ₹32,850 per 10 gram, respectively.

Sovereign gold, however, held steady at ₹26,500 per eight gram.

Gold had risen ₹100 to ₹32,870 per 10 gram on Tuesday.

Meanwhile, silver ready dropped by ₹225 at ₹37,325 per kg, while weekly-based delivery declined ₹243 to ₹36,183 per kg.

On the other hand, silver coins held flat at ₹79,000 for buying and ₹80,000 for selling of 100 pieces.

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