Gold prices on Thursday surged by Rs 280 to cross the Rs 34,000-mark in the national capital on strong global sentiment and fresh buying by local jewellers, according to the All India Sarafa Association.
The prices of the yellow metal rose to Rs 34,020 per 10 gm. Tracking gold, silver too increased by Rs 710 to Rs 39,060 per kg on increased off-take by industrial units and coin makers.
Traders said apart from increased buying by jewellers, robust global trends where the precious metal surged to a five-year high also pushed the prices higher. Globally, gold was trading higher at $1,385.54 an ounce in New York, while silver was up at $15.35 per ounce. Spot gold jumped to a five-year high of $1,386 an ounce on hopes of a rate cut by the U.S. Fed later this year.