Gold rises on jewellers buying

New Delhi: Gold prices on Monday rallied by Rs 65 to Rs 33,018 per 10 gram in the national capital on the back of fresh buying by jewellers, according to the All India Sarafa Association.

Silver, however, declined by Rs 175 to Rs 38,000 per kg on reduced offtake by industrial units and coin makers.

Traders said despite a weak global trend, gold prices saw an upward movement due to rise in demand from local jewellers as well as retailers.

Globally, spot gold was trading lower at USD 1,283.9 an ounce, while silver was down at USD 14.73 an ounce in New York.

On Saturday, the yellow metal gained Rs 53 to trade at Rs 32,953 per 10 gram.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 65 each to Rs 33,018 and Rs 32,848 per 10 gram, respectively.

Similarly, sovereign gold rose by Rs 100 to Rs 26,500 per eight gram.

Silver ready however lost steam and shed Rs 175 to Rs 38,000 per kg, while weekly-based delivery surged Rs 267 to Rs 37,290 per kg.

On the other hand, silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.