Gold climbs Rs 180 on buying by jewellers despite weak global trend

New Delhi: Gold prices Thursday rose by Rs 180 to Rs 34,350 per 10 gram in the bullion market here on fresh buying from local jewellers despite the precious metal losing steam overseas, according to the All India Sarafa Association.

Globally, gold was trading lower at USD 1,403.72 an ounce, while silver was quoting lower at USD 15.20 an ounce in New York.

"Gold prices eased down to USD 1,401 an ounce from a six-year high in the international market due to a steady dollar and profit booking at higher levels. Investors are also cautious on U.S-China trade developments at G20 meet later this week in Japan," said Hareesh V, Head-Commodity Research, Geojit Financial Services.

Growing tensions in the Middle East and dovish comments from major central banks had boosted the yellow metal's safe haven appeal earlier, he added.

In the national capital, silver gained Rs 50 to Rs 38,750 per kg on higher offtake by industrial units.

Gold of 99.9 percent and 99.5 percent purity jumped by Rs 180 each to Rs 34,350 and Rs 34,180 per 10 gram, respectively.

Sovereign gold held steady at Rs 26,800 per eight gram.

Gold had plunged by Rs 300 on Wednesday.

Meanwhile, silver ready prices rose by Rs 50 to Rs 38,750 kg, while weekly-based delivery dropped by Rs 130 to Rs 37,604 per kg.

On the other hand, silver coins faced some pressure and fell by Rs 1,000 to Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.