Gold crosses Rs 33,000-mark, silver firms up

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NEW DELHI: Gold rose for the fourth straight session Thursday crossing the Rs 33,000-mark at Rs 33,070 per 10 gram, gaining Rs 270 at the bullion market here due to increased demand from local jewellers, according to All India Sarafa Association.

Silver also followed the gold movement by rising Rs 410 to Rs 40,510 per kg on fresh buying by industrial units and coin makers.

Traders said with the rupee hovering around Rs 70 against dollar, the gold was in demand as a safe haven to mitigate the risk and support from local jewellers aided the gain in the prices of yellow metal.

Besides, firm trend overseas helped the rise in the gold prices, they added.

Globally, gold traded higher at USD 1,294.97 an ounce and silver rose to USD 15.74 an ounce in New York.

The yellow metal rose Rs 300 in the previous three days

In New Delhi, gold of 99.9 per cent and 99.5 per cent purities rose Rs 270 each to Rs 33,070 and Rs 32,920 per 10 grams, respectively.

Similarly, sovereign gold advanced by Rs 100 to Rs 25,300 per piece of eight grams.

Silver-ready jumped Rs 410 to Rs 40,510 per kg, while weekly based delivery gained Rs 367 to Rs 39,700 per kg.

Silver coins, too, were in demand and traded higher at Rs 78,000 for buying and Rs 79,000 for selling of 100 pieces, as against the previous level of Rs 77,000 and Rs 78,000, respectively. VHP HRS