Gold rises Rs 300 on jewellers' buying, firm global trend

Gold prices on Friday rose Rs 300 to Rs 33,170 per 10 gram in the national capital due to increased buying from jewellers and firm trend overseas, according to the All India Sarafa Association.

Tracking gold, silver also gained Rs 150 to Rs 37,550 per kg on increased offtake by industrial units and coin makers.

Traders said sentiment turned bullish on the back of a pick-up in buying support from local jewellers and positive global trend which mainly drove gold prices higher.

Globally, spot gold was trading higher at USD 1,297.90 an ounce in New York amid the US imposing a five per cent tariff on all Mexican imports which boosted gold's safe-haven appeal. Meanwhile, silver stood steady at USD 14.61 an ounce.

US President Donald Trump announced Thursday that he is slapping a 5 per cent tariff on all Mexican imports, effective June 10, to pressure the country to do more to crack down on the surge of Central American migrants trying to cross the US border.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 300 each to Rs 33,170 and Rs 33,000 per 10 gram, respectively.

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

Meanwhile, silver ready gained Rs 150 at Rs 37,550 per kg, while weekly-based delivery surged Rs 283 to Rs 36,378 per kg.

Silver coins were in good demand and traded higher by Rs 1,000 at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces, respectively.

-PTI