Gold Prices Gain On Wedding Season Demand: 5 Things To Know

Gold prices rose by Rs 120 to Rs 34,650 per 10 grams at the bullion market on Wednesday following increased buying by local jewellers and retailers, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver followed suit and recovered by Rs 70 to Rs 41,475 per kg due to increased offtake from industrial users and coin makers. However, global cues were weak, capping the gains in both the precious metals. Traders attributed the rise in gold prices to pickup in buying by local jewellers at spot markets to meet ongoing wedding season demand. Besides, weakness in the rupee which depreciated 42 paise to 71.49 against the dollar in intraday trade, making imports costlier, too supported the upside in gold prices, reported PTI citing traders.

Here are 5 things to know about gold, silver prices:  

1. In Delhi, gold of 99.9 per cent purity rebounded by Rs 120 to Rs 34,650 and gold of 99.5 purity rose by Rs 80 to Rs 34,480 per 10 grams.    

2. Sovereign gold, however, remained flat at Rs 26,600 per piece of 8 grams on little doing. Gold prices had fallen by Rs. 60 on Tuesday.

3. Globally, gold held steady on Wednesday as the dollar traded near three-week lows, after US Federal Reserve Chairman Jerome Powell reiterated that the central bank will be patient in hiking interest rates, reported news agency Reuters.

4. Spot gold was down 0.1 per cent at $1,327.26 per ounce in intraday trade, while US gold futures were flat at $1,329.

5. Tracking gold, silver ready moved up by Rs 70 to Rs 41,475 per kg and weekly-based delivery rose by Rs 54 to Rs 40,130 per kg. Silver coins, however, continued to be traded at previous level of Rs 83,000 for buying and Rs 84,000 for selling of 100 pieces.

(With agency inputs)