Gold prices surge today, extend gains to third day; silver rates jump
Prices of gold of 99.9% and 99.5% purities today rose Rs 335 each to Rs 32,835 per 10 gram and Rs 32,685 per 10 gram
New Delhi: Gold prices surged today with rates going past Rs 32,800 mark today. Gold rates today surged by Rs 335 to Rs 32,835 per 10 gram at the bullion market, extending their gains to the third day. Tracking gold, silver rates also jumped today by gaining Rs 350 to Rs 39,700 per kg due to increased demand from industrial units and coin makers. Including today’s gain, gold prices are up Rs 565 in first three days of the New Year. On Tuesday and Wednesday, gold prices gained by Rs 200 and Rs 30, respectively.
In Delhi, prices of gold of 99.9% and 99.5% purities gained Rs 335 each to Rs 32,835 per 10 gram and Rs 32,685 per 10 gram, respectively. Sovereign gold, however, remained unchanged at Rs 25,200 per piece of 8 gram. Silver ready advanced Rs 350 to Rs 39,700 per kg and weekly-based delivery witnessed a rise of Rs 617 to Rs 39,365 per kg. Silver coins, however, remained unchanged at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
Higher overseas prices, a weaker rupee against dollar and safe-haven buying pushed up gold prices, say traders. A fall in rupee’s value against the US dollar makes gold imports costlier and it pushes up domestic price of the precious metal.
In global markets, gold prices remained firm near six-month peak today as worries about a global economic slowdown and volatility in equities boosted safe-haven buying. The Sensex fell over 350 points today amid wobbly global markets after a rare revenue warning from index heavy-weight Apple Inc added to worries about slowing global growth.
Watch: Money with Monika: Investing in gold vs buying stocks
Adding to investor concerns, a meeting between US congressional leaders and President Donald Trump on Wednesday saw no sign of an agreement to end a partial government shutdown.
Gold traders will be looking forward to cues about interest rate hikes from a joint discussion between Federal Reserve Chair Jerome Powell and former Fed chairs Janet Yellen and Ben Bernanke on Friday. Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion. Traders will also be awaiting a closely-watched December US payrolls report, also due on Friday.
(With Agency Inputs)
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