Gold rises on jewellers' buying, firm trend overseas

New Delhi May 6 Gold prices Monday 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. In addition, US President Donald Trump declaring to force higher taxes on Chinese merchandise supported intrigue for the bullion as place of refuge resource in the midst of crisp apprehensions of acceleration of exchange war between the nations, they included.

Trump declared Sunday that the US would raise taxes on USD 200 billion of Chinese imports from the present 10 percent to 25 percent this week, since exchange talks are moving "too gradually".

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 percent and 99.5 percent purity advanced by Rs 75 each to Rs 32,720 and Rs 32,550 per 10 gram, separately.

Sovereign gold held enduring at Rs 26,400 for each eight gram.

Silver prepared dropped by Rs 70 to Rs 38,130 for each 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, separately.