The bullion market opened Tuesday at Rs 3022 per gram (22-carat gold), five rupees higher than the previous day’s trade. Demand for gold is expected to rise today on the account of Akshay Tritiya, a popular Hindu festival. People tend to buy gold on this day in the belief that it will bring good fortune.
On Monday, gold prices rose by Rs 75 to Rs 32,720 per 10 gram at the bullion market here due to fresh buying from jewellers amid firm trend overseas, according to the All India Sarafa Association.
Silver, however, declined Rs 70 to Rs 38,130 per kg due to reduced offtake by industrial units and coin makers.
Traders said positive trend overseas and support from local jewellers led to a rise in precious metal. Besides, US President Donald Trump announcing to impose higher tariffs on Chinese goods boosted appeal for the bullion as safe-haven asset amid fresh fears of escalation of trade war between the countries, they added.
Trump announced Sunday that the US would raise tariffs on USD 200 billion of Chinese imports from the current 10 per cent to 25 per cent this week, because trade talks are moving "too slowly".
Globally, spot gold was trading higher at USD 1,282.60 an ounce, while silver was down at USD 14.91 an ounce in New York.
On Saturday, the yellow metal had gained by Rs 175 to Rs 32,645 per 10 gram.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 75 each to Rs 32,720 and Rs 32,550 per 10 gram, respectively.
Sovereign gold held steady at Rs 26,400 per eight gram.
Silver ready dropped by Rs 70 to Rs 38,130 per kg and weekly-based delivery surged by Rs 313 to Rs 37,290 per kg. Silver coins were in good demand and traded higher by Rs 1,000 at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces, respective.
With PTI inputs