Wedding season demand pushes gold prices up by Rs 170
In Delhi, gold of 99.9 per cent and 99.5 per cent purities rose by Rs 170 each to close at 32,120 and Rs 31,970 per 10 gram, respectively.
New Delhi: Gold prices Thursday rose by Rs 170 to close at Rs 32,120 per 10 gram at the bullion market in the national capital on increase in demand from local jewellers amid firm trend in the overseas market. Silver rates also inched up by Rs 25 to close at Rs 37,625 per kg on slightly higher demand from industrial units and coin makers.
Traders said higher demand during the ongoing wedding season from local jewellers coupled with positive global cues pushed the gold prices upwards.
In the national capital, gold of 99.9 per cent and 99.5 per cent purities rose by Rs 170 each to close at 32,120 and Rs 31,970 per 10 gram, respectively.
Sovereign gold also moved up by Rs 100 to Rs 24,900 per piece of 8 gram.
In the international market, gold prices edged lower in range-bound trade as investors booked profits and the dollar strengthened, while palladium fell from a record high hit in the previous session. Spot gold fell 0.2 percent to $1,235.57 per ounce at 0823 GMT, while U.S. gold futures were 0.1 percent lower at $1,240.8 per ounce.
“Gold has been near key levels of $1,240, so there might be some technical-level profit-taking,” said Hareesh V, head of commodity research at Geojit Financial Services in Kochi. A meeting of the Organization of the Petroleum Exporting Countries (OPEC) and U.S. nonfarm payroll data expected on Friday are keeping gold investors on guard, he said.
U.S. Federal Reserve policymakers are to gather at a Dec. 18-19 meeting, at which the central bank is widely expected to raise interest rates.
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