Gold prices extend gains for 2nd day, silver flat
Gold prices advanced for a second straight day on Tuesday and rose ₹125 on higher demand from local jewellers
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New Delhi: Gold prices advanced for a second straight day on Tuesday and rose ₹ 125 on higher demand from local jewellers. Silver prices remained flat on lack of demand from industrial units and coin makers due to the Christmas holiday. In Delhi, gold rates of 99.9% and 99.5% purity added ₹ 125 each at ₹ 32,400 and ₹ 32,250 per 10 gram, respectively. The precious metal had jumped by ₹ 175 on Monday. Sovereign, however, traded flat at ₹ 25,000 per piece of 8 gram. International markets were closed due to Christmas.
On Monday, global gold prices rose 1% to hit a six-month high as nervous stock markets and concerns about a global economic slowdown sapped risk sentiment, driving investors to seek safety in the precious metal. Spot gold rate was at $1,268.49 per ounce on Monday in thin trade ahead of Tuesday’s Christmas holiday. The metal hit its highest since late June at $1,269.49 earlier in the session. US gold futures settled up 1.1% at $1,271.80 per ounce. Gold has risen over 9% from a 19-month low of $1,159.96 in mid-August.
Silver held steady at ₹ 38,000 per kg, while weekly-based delivery, on the other hand, rose by ₹ 45 to 37,541 per kg. Silver coins, too, showed no change in prices at ₹ 74,000 for buying and ₹ 75,000 for selling of ₹ 100 pieces.
“Gold has continued to be firm here in the course of equity market weakness and an ongoing bevy of factors that are concerns for the market such as trade wars, interest rate hikes and others," Reuters quoted David Meger, director of metals trading at High Ridge Futures, as saying.
Indian financial markets are closed on Tuesday for the Christmas holiday. Trading will resume on Wednesday. The partially convertible rupee closed unchanged at 70.14 per dollar, while the benchmark 10-year bond yield ended at 8.29%, compared with its previous close of 8.28%.
With inputs from agencies
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