New Delhi: Gold prices resumed upward trend today by rising 100 but silver rates declined. Gold prices today rose by 100 to 31,950 per 10 gram at the bullion market amid strong buying by domestic jewellers. Gold prices had jumped 390 on Monday while they remained flat on Tuesday. On the other hand, silver prices today dropped by 140 to close at 37,600 per kg due to slightly lower demand from industrial units and coin makers. Silver prices had zoomed nearly 1,200 in previous two days.

In Delhi, prices of gold of 99.9% and 99.5% purity rose by 100 each to 31,950 and 31,800 per 10 grams, respectively. Sovereign gold also saw a rise by 100 to 24,800 per piece of 8 gram. Meanwhile, silver ready fell by 140 to 37,600 per kg, while weekly-based delivery was almost flat rising 26 to 36,394 per kg. Silver coins, however, moved up by 100 to 73,000 for buying and 74,000 for selling of 100 pieces.

In global markets, gold prices retreated from a more than five-week top hit in the previous session, as the dollar crawled higher. Spot gold was down 0.2%t at $1,235.31 per ounce.

The dollar index, which measures the greenback against a basket of six major currencies, edged up about 0.2%. Concerns about a possible slowdown in US economic growth have stoked bets that the Federal Reserve will end its campaign to raise interest rates sooner than previously thought. US Federal Reserve Chairman Jerome Powell said last Wednesday that US interest rates were nearing neutral levels, which markets interpreted as signalling a slowdown in rate hikes.

Back in India, the recent slide in gold prices from nearly six-year highs has boosted demand of gold. Higher value of rupee against the dollar brings down the price of imported gold. The domestic price includes a 10% import tax.

With Agency Inputs

Close