Home / Market / Stock-market-news /  Gold prices rise for third day in row, silver rates gain

New Delhi: Gold prices inched higher by 35 to 30,585 per 10 grams on Monday on continued demand from local jewellers despite a weak trend overseas, reported PTI. Global gold prices pared early gains and steadied amid a firm US dollar, albeit trading above a 17-month low supported by concerns over the US-China trade tensions. In Delhi, gold rates of 99.9% and 99.5% purity gained 35 each to 30,585 and 30,435 per 10 grams, respectively. The yellow metal had gained 115 in the last two sessions.

Global spot gold rate was steady at $1,213.05 an ounce, as of 0650 GMT, after hitting as high as $1217.85 in early trade. US gold futures were down 0.2% at $1,221.4 an ounce. Gold prices had rebounded on Friday from a 17-month low of $1,204 per ounce as dollar slipped after data showed US job growth slowed in July.

Following gold, silver prices also advanced by 100 to 39,200 per kg due to by increased offtake by industrial units and coin makers, the report added.

The Indian rupee strengthened marginally against the US dollar, tracking gains in local equity market and Asian currencies. The rupee close at 68.89, down 0.4% from its previous close of 68.62. The currency opened at 68.57 a dollar. So far this year, the rupee has weakened 7%, while foreign investors have sold $534.60 million and $5.69 billion in equity and debt markets, respectively.

The dollar had also weakened against the yuan on Friday after the Chinese central bank sought to stabilize its currency. The greenback, however, regained footing on Monday and strengthened against major peers.

China proposed retaliatory tariffs on $60 billion worth of U.S. goods on Friday, further escalating a bitter trade conflict, after the Trump administration sought to ratchet up pressure for trade concessions by proposing a higher 25-percent tariff on $200 billion worth of Chinese imports.

With inputs from agencies

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