Gold Prices Rise On Token Buying On Dhanteras: 10 Things To Know

Dhanteras 2018: Buying gold, silver and other metals is considered to be auspicious on Dhanteras. Gold prices rose by Rs 40 to Rs 32,690 per 10 gram.

Gold Prices Rise On Token Buying On Dhanteras: 10 Things To Know

Dhanteras: Sovereign gold, however, held flat at Rs 24,900 per piece of 8 gram.

Gold prices rose by Rs 40 to Rs 32,690 per 10 gram as retailers and jewellers made token buying on the occasion of Dhanteras, reported news agency Press Trust of India (PTI). Buying gold, silver and other metals is considered to be auspicious on Dhanteras. The upside, however, was limited on account of weak global cues. Gold sales are expected to pick up later in the day as jewellers and e-commerce players are offering discounts on gold and diamond jewellery and making charges, among other incentives, traders said.

Here are 10 things to know about gold prices on Dhanteras 2018:

  1. Gold sales were higher by nearly 20 per cent, traders were quoted as saying in the PTI report.

  2. In the national capital, gold of 99.9 per cent and 99.5 per cent purity traded higher by Rs 40 each to Rs 32,690 and Rs 32,540 per 10 gram, respectively.

  3. Sovereign gold, however, held flat at Rs 24,900 per piece of 8 gram.

  4. In futures trading at the MCX, gold for delivery in December, however, was down by Rs 22, or 0.09 per cent, to Rs 31,723 per 10 gram. (Also Read: Jewellers Announce Discounts, Cashbacks On Gold Purchase)

  5. Buying activity was more pronounced in 'gold' and 'silver' coins on the auspicious occasion, traders said adding gold prices ruling at near six-year highs, marked just token purchases that restricted volume of business.

  6. Gold prices have surged by Rs 1,980 or over 6 per cent while silver has dropped by Rs 1,470 or 3.5 per cent from last year's Dhanteras.

  7. As for 2018, although the prices of gold fell by about 6 per cent in the global markets, domestic prices of the precious metal have risen by 8 per cent, Aditya Kumar, Founder & CEO Qbera.com told NDTV. "Weak rupee has forced prices of the metal to shoot up as well. Factors such as the monetary policy of the Federal Reserve, trade wars, and the dollar's performance are certain to significantly impact prices. Investing in sovereign gold bonds, gold funds, and exchange-traded funds is a good option for now," he added. (Also Read: Snapdeal Offers Up To 60% Off On Gold Jewellery)

  8. Silver ready also edged up by Rs 10 to Rs 39,540 per kg but weekly-based delivery fell by Rs 183 to Rs 38,637 per kg in line with weak global cues.

  9. In the international market, spot gold was little changed at $1,232.00 per ounce, by 1005 GMT or 3:35 pm, while US gold futures were flat at $1,233.2 per ounce, reported news agency Reuters. (Also Read: Should You Buy Gold This Festive Season? Here's What Wealth Planners Suggest)

  10. Earlier on Saturday, gold prices recovered by Rs. 20 to Rs. 32,650 per 10 grams amid festive season demand. For last week, gold prices surged to a near six-year year of Rs. 32,780 before ending at Rs. 32,650 per 10 gram. (With agencies inputs)