Gold rate today rose Rs 33,000 per 10 grams
Gold rate today rose Rs 33,000 per 10 grams

Gold prices rise for fourth day but silver rates decline

Prices of gold of 99.9% and 99.5% purities today advanced by 110 each to 33,300 per 10 grams and 33,150 per 10 grams

New Delhi: Gold prices today continued their upward momentum by rising for the fourth straight day. Gold rates today gained 110 to 33,300 per 10 grams, supported by increased demand from local jewellers, Press Trust of India reported, citing All India Sarafa Association. Silver rates however fell today on subdued demand from industrial units and coin makers, declining 300 to 40,200 per kg. Gold prices have risen over 400 per 10 grams over these four days.

Gold of 99.9% and 99.5% purities today advanced by 110 each to 33,300 per 10 grams and 33,150 per 10 grams, respectively. Sovereign gold too rose by 100 to 25,500 per piece of eight grams. Silver ready however declined by 300 to 40,200 per kg, while weekly-based delivery dropped 143 to 39,690 per kg. Silver coins, however, held flat at 77,000 for buying and 78,000 for selling of 100 pieces.

In global markets, gold prices held firm, up 0.1% at $1,294.04 per ounce. Gold prices have been supported by a variety of factors including expectations of a pause in Fed rate hike cycle, prolonged partial US government shutdown, a possible pause in the US Federal Reserve’s rate hike cycle, and concerns surrounding Brexit.

Domestic stock exchange BSE earlier this said that it has received markets regulator Sebi’s approval to launch gold mini, guarseed and guargum future contracts on its commodity derivatives segment. The future contracts are monthly compulsory deliverable contracts with lot size of 100 grams, 10 metric tons and 10 metric tons, respectively, the bourse said. The bourse commenced trading in gold and silver contracts on October 1, 2018, to mark its entry into the commodity derivatives segment.

(With Agency Inputs)

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