Gold prices on Thursday surged by ₹280 to cross the ₹34,000-mark in the national capital on strong global sentiment and fresh buying by local jewellers, according to the All India Sarafa Association.
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The prices of the yellow metal rose to ₹34,020 per 10 gm. Tracking gold, silver too increased by ₹710 to ₹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.