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Gold price rises! Yellow metal crosses Rs 33,000-mark

FE Online

Gold prices on Thursday surged for the fourth consecutive session crossing the Rs 33,000-level at Rs 33,070 per 10 gram. The yellow metal has gained Rs 270 on account of rise in demand from domestic jewellers PTI reported citing All India Sarafa Association.

The movement in the yellow metal was followed by the silver as the commodity rose by Rs 410 to Rs 40,510 per kg on fresh buying by industrial units and coin makers. As the rupee is hovering near Rs 70 against the US dollar, the gold was in demand to reduce risk, traders told PTI.

Also read: Share market highlights: Sensex ends 106 points down, Nifty below 10,850; Kotak Mahindra, IndusInd Bank slump

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

Meanwhile, after opening the day with minor gains, Sensex and Nifty ended lower on Thursday. Sensex ended 106.41 points lower to 36,416.50, while the Nifty ended below that 10,850-mark. Kotak Mahindra Bank and IndusInd Bank shares emerged among the biggest losers in the Sensex. IndusInd Bank share lost nearly 3 per cent intra-day to Rs 1,555 after the firm reported Q3 results yesterday. Kotak Mahindra Bank shares slumped by more than 1.7 per cent to Rs 1,216.35.