Gold Prices Near 39,000 Rupees: 10 Things To Know

23 Aug 2019, 05:25 PM IST

Gold prices have been hitting a fresh high every day since Tuesday.

In the national capital, gold of 99.9 per cent purity advanced Rs 25 to Rs 38,995 per 10 gram, while that of 99.5 per cent gained Rs 5 to Rs 38,825 per 10 gram.
A weaker rupee led to the increase in price of the precious metal.
The rupee declined below the 72 mark against the US currency in the opening session on Friday. It fell by 22 paise to trade at a nine-month low of 72.03 against the dollar in early session.
Sovereign gold, however, stood steady at 28,800 per eight gram.
In New York, spot gold was trading lower at $1,496.30 an ounce, while silver was almost flat at $17.11 an ounce.
"Globally, gold traded weak with international spot gold prices falling below $1,500 on Friday on positive US equity futures and stronger dollar index," PTI quoted Tapan Patel, Senior Analyst (Commodities), HDFC Securities as saying.
The market is closely watching US Fed Chairman Powell's speech at the Jackson Hole seminar due later in the day.
"US Fed Chair Jerome Powell's speech will be crucial for markets to get clarity over future rate cuts which may affect gold prices," Mr Patel said.
Silver ready held flat at 45,100 per kg, while weekly-based delivery declined Rs 99 to Rs 43,666 per kg.
Silver coins held flat at Rs 91,000 for buying and Rs 92,000 for selling of 100 coins.