Gold sizzled on Tuesday at the bullion market, as it soared by Rs 350 to Rs 32,350 per ten grams, due to the increase in buying by local jewellers amid positive global clues.
Silver also soared by Rs 400 to Rs 40,300 per kg, pushed by the rise in offtake by coin makers and industrial units.
Bullion traders have attributed the increase in gold prices to the spike in buying by local jewellers to meet the demands of the people ahead of Akshaya Tritiya at the domestic spot market.
At the global level, gold rose 0.01 per cent to $ 1,345.50 an ounce and silver by 0.06 per cent to $ 16.64 an ounce in New York in Monday’s trade.
Experts have also said that the rupee’s depreciation against the dollar fuelled the uptrend in prices of the precious metals.
At the domestic front, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 350 each to Rs 32,350 and Rs 32,200 per ten grams, respectively. Interestingly, the metal had lost Rs 100 on Monday.
Sovereign also went up by Rs 100 to Rs 24,900 per piece of eight grams.
Catching up with gold, silver also escalated by Rs 400 to Rs 40,300 per kg and weekly-based delivery system by Rs 290 to rs 39,240 per kg. Silver coins also witnessed a rise by Rs 1,000 to Rs 75,000 for buying while the price for selling 100 pieces stood at Rs 76,000.