Home >Market >Stock-market-news >Gold prices rise sharply today, silver follows

New Delhi: Gold prices rose by 180 to 31,600 per 10 gram today, supported by a firm global trend and increased demand from local jewellers, reported PTI. Global gold rates advanced today after two session of losses as dollar softened. In Delhi, gold prices of 99.9% and 99.5% purity climbed by 180 each to 31,600 and 31,450 per 10 gram, respectively. The precious metal gained 20 on Saturday’s trade. Sovereign gold, however, remained flat at 24,500 per piece of eight gram.

Following gold, silver prices also jumped by 180 to 37,680 per kg backed by increased offtake by industrial units and coin makers, the report added. Silver coins, however, were unaltered at 72,000 for buying and 73,000 for selling of 100 pieces.

In global markets, spot gold rate was up 0.4% at $1,197.43 an ounce by 3.30pm after falling 0.6% on Friday, when it marked its third straight weekly decline. US gold futures added 0.1% to $1,202. Gold prices have declined more than 12% from April, hurt by global trade tensions and rising US rates.

“I think we’ll continue to see gold under pressure. As long as the dollar remains relatively well supported, yields continue to rise and the U.S. economic growth story remains in place, it’s hard to see where a strong rally would come from in gold," said Jonathan Butler, commodities analyst at Mitsubishi in London.

The dollar index was slightly weaker on Monday after seeing its biggest daily rise since 23 August on Friday. The Indian rupee weakened against the US dollar, tracking the losses from Asian currency market, even as the government announced several measures to defend the currency. The currency opened at 72.49 a dollar, touching a high 72.41 and a low 72.69.

With inputs from Reuters

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