Gold prices today rise to one-month high, silver rates jump
Gold price rose for the third straight day to touch Rs 31,000 per 10 grams. Silver prices also strengthened by climbing by gaining Rs 50 to Rs Rs 38,300 per kg .
New Delhi: Gold prices today hit a one-month high, buoyed by buying by local jewellers amid festive buzz. In Delhi, gold prices hit the Rs 31,000 mark today by gaining Rs 100, according to PTI. Gold prices had gained Rs 280 in previous two days. Silver prices also advanced by Rs 50 to Rs 38,300 per kg due to increased offtake by industrial units and coin makers. Gold of 99.9 and 99.5 per cent purity in Delhi climbed Rs 100 each to Rs 31,000 and Rs 30,750 per 10 gram, respectively.
Sovereign however remained unaltered at Rs 24,500 per piece of 8 gram in limited deals. Following gold, silver ready strengthened by Rs 50 to Rs 38,300 per kg and weekly-based delivery by Rs 150 to Rs 37,150 per kg. On the other hand, silver coins maintained a steady trend at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
Domestic gold prices rose today despite a weak trend overseas. Traders said increased buying by local jewellers to meet festive season demand at domestic spot market mainly kept gold prices higher, but a weak trend overseas capped the rise.
According to jewelers, Kerala floods may however impact wedding season gold demand. Jewellers in Kerala, India’s biggest gold-buying state, expect sales to drop during the peak festival and wedding season after heavy rains and floods caused more than $3 billion of damage.
In India, the monthly per capita expenditure on gold ornaments was the highest in Kerala, according to the Ministry of Statistics and Programme Implementation’s 2011-2012 survey. The country’s key festival and wedding season runs from the end of August to December.
Globally, gold prices inched lower today as the dollar recovered slightly. Spot gold was down 0.2 percent at $1,203.67 per ounce. It had climbed 1.7% on Friday in its biggest one-day percentage gain since May 2017. US gold futures were down 0.2 percent at $1,210.60 an ounce.
“Gold faces headwinds from the fact that the dollar rally, old though it may be, is still alive, although facing threats from domestic political uncertainty,” said Nicholas Frappell, general manager at Australia-based ABC Bullion.
The dollar index, which tracks the greenback against a basket of six major currencies, was up 0.1%.
With Agency Inputs
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