Uptick in local demand and escalation of trade war between the US and China boosted gold’s safe-haven appeal
Gold prices on May 14 rose by ₹377 to ₹33,395 per 10 gram in the national capital due to rise in domestic demand, according to the All India Sarafa Association.
Tracking gold, silver too gained ₹300 to ₹38,300 per kg on increased offtake by industrial units and coin makers.
Traders said apart from uptick in local demand, further escalation of trade war between the US and China boosted gold’s safe-haven appeal, thereby leading to upward movement in prices of yellow metal.
In a retaliatory move, China on May 13 said it would raise tariffs on US goods worth nearly $60 billion.
Globally, spot gold was trading at $1,298 an ounce, while silver was at $14.83 an ounce in New York.
In the national capital, gold of 99.9% and 99.5% purity advanced by ₹377 each to ₹33,395 and ₹33,225 per 10 gram, respectively.
However, sovereign gold stood steady at ₹26,500 per eight gram.
Meanwhile, silver ready surged by ₹300 to ₹38,300 per kg, while weekly-based delivery rose ₹267 to ₹37,557 per kg.
Silver coins were in good demand and traded higher by ₹1,000 at ₹80,000 for buying and ₹81,000 for selling of 100 pieces, respectively.