Gold prices zoom ₹280, crosses ₹34,000 mark

Gold prices surged by ₹280 to cross ₹34,000-mark; silver too increased by ₹710 to ₹39,060 per kg

Gold prices on June 20 surged by ₹280 to cross ₹34,000-mark in the national capital on strong global sentiment and fresh buying from local jewellers, according to All India Sarafa Association.

The prices of yellow metal rose to ₹34,020 per ten gram.

Tracking gold, silver too increased by ₹710 to ₹39,060 per kg on increased offtake by industrial units and coin makers.

Traders said apart from increased buying from jewellers, robust global trends where the precious metal surged to a five-year high also pushed the prices higher.

Globally, gold was trading higher at $1,385.54 an ounce in New York, while silver was up at $15.35 per ounce.

“Spot gold jumped to a five-year high of $1,386 an ounce on hopes that the U.S. Federal Reserve would cut interest rates later this year. In the latest Fed policy meeting, the U.S. central bank hinted an interest rate cut if the economic outlook weakens.

“Gold has been trading on a positive note for the last four weeks on growing geopolitical concerns and weak economic releases from U.S. and China that lifted its safe haven appeal. Weak global growth forecast amid growing trade war tensions also stoked investors towards the yellow metal. Similar sentiments has been seen in silver as well,” said Hareesh V, Head-Commodity Research, Geojit Financial Services.

In the national capital, gold of 99.9% and 99.5% purity zoomed ₹280 each to ₹34,020 and ₹33,850 per 10 gram, respectively.

Sovereign gold, however, held steady at ₹26,800 per eight gram.

Meanwhile, silver ready rose by ₹710 to ₹39,060 per kg, while weekly-based delivery gained ₹742 to ₹38,044 per kg.

Price of silver coins held flat at ₹80,000 for buying and ₹81,000 for selling of 100 pieces.

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