Gold rises by Rs 377 on robust demand

Gold prices on Tuesday rose by Rs 377 to Rs 33,395 per 10 gram in the national capital due to rise in domestic demand, according to the All India Sarafa Association.

Tracking gold, silver too gained Rs 300 to Rs 38,300 per kg on increased offtake by industrial units and coin makers.

Traders said apart from uptick in local demand, further escalation of trade war between the U.S and China boosted gold's safe-haven appeal, thereby leading to upward movement in prices of yellow metal.

In a retaliatory move, China on Monday said it would raise tariffs on U.S goods worth nearly USD 60 billion.

Globally, spot gold was trading at USD 1,298 an ounce, while silver was at USD 14.83 an ounce in New York.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 377 each to Rs 33,395 and Rs 33,225 per 10 gram, respectively.

However, sovereign gold stood steady at Rs 26,500 per eight gram.