Gold rises Rs 350; silver trades flat

New Delhi: Gold prices rose Rs350 to trade near a record high at Rs89,100 per 10 grams in the national capital on Monday amid firm global trends, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had closed at Rs88,750 per 10 grams on Friday. Gold of 99.5 per cent purity increased Rs350 to Rs88,700 per 10 grams from the previous close of Rs88,350 per 10 grams. “Gold traded with a modest gain on Monday as geopolitical and trade tensions continued to provide a safe haven demand to hedge against uncertainty,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. Last week, gold of 99.9 per cent and 99.5 per cent purity hit fresh peaks of Rs89,450 and Rs89,050 per 10 grams, respectively. However, silver traded flat at Rs1 lakh per kg. Further, Gandhi highlighted that the US dollar has provided an additional boost for the precious metal. The dollar index fell for the third week in a row and is trading lower amid mixed US macro data. Globally, spot gold also rose $5.50 to $2,941.55 per ounce. On the other hand, silver futures in the Asian market hours quoted 0.43 per cent lower at $33.20 per ounce.