Gold prices bounce back by Rs 200; silver up Rs 330

Gold prices rose by Rs 200 to Rs 33,570 per 10 gram in the national capital on Wednesday following increased buying by local jewellers and a firm overseas trend, according to the All India Sarafa Association.

Tracking gold, silver also surged by Rs 330 to Rs 37,890 per kg on fresh offtake by industrial units and coin makers.

Traders said sentiment turned bullish due to positive trend overseas and rise in domestic demand, which mainly pushed gold prices higher.

Globally, spot gold was trading higher at USD 1,337 per ounce in New York amid escalation of trade war tension between the U.S and China, which prompted investors to move towards safe-haven assets like gold. Silver was also quoting higher at USD 14.89 an ounce.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 200 to Rs 33,570 per 10 gram and Rs 33,400 per 10 gram, respectively.

Sovereign gold, however, remained flat at Rs 26,700 per eight gram.