Sovereign gold, however, held steady at Rs 26,800 per eight grams

Gold prices on Thursday surged by Rs 280 to cross Rs 34,000-mark, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. The price of yellow metal rose to Rs 34,020 per ten grams. Tracking gold, silver rates too increased by Rs 710 to Rs 39,060 per kg on increased offtake by industrial units and coin makers. Apart from increased buying from jewellers, robust global trends where the precious metal surged to a five-year high also pushed the prices higher, said the report citing traders.

Here are five things to know about gold and silver prices today:

1. In Delhi, gold of 99.9 per cent and 99.5 per cent purity zoomed Rs 280 each to Rs 34,020 and Rs 33,850 per 10 grams, respectively. Sovereign gold, however, held steady at Rs 26,800 per eight grams. Gold prices rose marginally by Rs. 20 to Rs. 33,740 per 10 grams on Wednesday.

2. Globally, gold prices surged 2 per cent to their highest in more than five years on Thursday after the US Federal Reserve signalled possible interest rate cuts later this year, sending the dollar lower and US Treasury yields plunging, reported news agency Reuters.

3. Spot gold was up 1.7 per cent at $1,382.70 per ounce in intraday trade, after hitting its highest since March 17, 2014 at $1,386.38. US gold futures jumped 2.8 per cent to $1,386.30 an ounce, after touching their highest since April 2018 at $1,397.70.

4. "Gold has been trading on a positive note for the last four weeks on growing geopolitical concerns and weak economic releases from US and China that lifted its safe haven appeal. Weak global growth forecast amid growing trade war tensions also stoked investors towards the yellow metal. Similar sentiments has been seen in silver as well," PTI quoted Hareesh V, head-commodity research, Geojit Financial Services, as saying.

5. Silver ready rose by Rs 710 to Rs 39,060 per kg, while weekly-based delivery gained Rs 742 to Rs 38,044 per kg. Price of silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.

(With agency inputs)