Gold Price At Rs 38,410 Per 10 Grams In Delhi, Details Here

Globally, gold rates were held steady on Tuesday after hitting its highest in over one-and-a-half weeks.

Gold Price At Rs 38,410 Per 10 Grams In Delhi, Details Here

In India, gold demand is expected to fall to its lowest level in three years in 2019, the WGC said.

Gold prices were last seen at Rs 38,410 per 10 grams in the national capital on Tuesday, according to India Bullion and Jewellers' Association (IBJA). These rates are exclusive of a 3 per cent Goods and services Tax (GST) and making charges, industry body IBJA mentioned on its website. IBJA is a Mumbai-based association consisting of gold dealers, traders and jewellers.

Here are 10 things to know about gold prices:

  1. Globally, gold rates were held steady on Tuesday after hitting its highest in over one-and-a-half weeks, propped up by doubts about a trade deal between the United States and China.

  2. Spot gold was last seen little changed at $1,470 per ounce.

  3. It had hit the highest level since November 7 at $1,475.40.

  4. Asian share markets were mixed awaiting clearer news on the progress of the trade negotiations left investors bereft of trading motivation.

  5. In India, gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said earlier this month, as domestic prices climb to a record against a backdrop of falling earnings in rural areas, a key source of custom for the precious metal.

  6. Two-thirds of gold demand comes from rural areas, where jewellery is a traditional store of wealth.

  7. Gold demand in 2019 could drop 8 per cent from a year ago to around 700 tonnes, the lowest since 2016, said Somasundaram PR, the managing director of WGC's operations.

  8. In a report, the WGC said gold consumption in the quarter ended September slumped by nearly a third from a year ago to 123.9 tonnes.

  9. In September, local gold futures hit an all-time high of Rs 39,885 ($563.85) per 10 grams. 

  10. A spike in domestic gold prices and a hike in the import duty slashed demand during the July-September, the WGC said.



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