Gold Price At Rs 38,040 Per 10 Grams In Delhi: 10 Things To Know

Gold, considered a safe store of value during economic or political uncertainties, has gained more than 13 per cent this year.

Gold Price At Rs 38,040 Per 10 Grams In Delhi: 10 Things To Know

Spot gold was last seen flat at $1,458.45 per ounce, having shed 0.3 per cent so far this week.

Gold prices were last seen at Rs 38,040 per 10 grams in the national capital on Friday, according to industry body India Bullion and Jewellers' Association (IBJA). These rates are exclusive of a 3 per cent Goods and services Tax (GST) and making charges, IBJA mentioned on its website. IBJA is a Mumbai-based association consisting of gold dealers, traders and jewellers. Rupee depreciation and positive global gold prices on the US-China trade stand-off led to the surge in the gold prices, analysts said.

Here are 10 things to know about gold prices:

  1. The rupee opened on a weak note and fell 11 paise to 71.73 against the dollar in early trade on Friday as investors remained cautious ahead of release of Gross Domestic Product or GDP data. 

  2. The government will release GDP data for the quarter ended September 30 at 5:30 pm.

  3.  "Gold prices traded higher with market anticipations that China will retaliate to the US move of passing a law to support human rights of Hong Kong protesters," said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

  4. Globally, gold prices were little changed on Friday, but remained on track for their worst month in three years.

  5. Spot gold was last seen flat at $1,458.45 per ounce, having shed 0.3 per cent so far this week.

  6. US gold futures rose 0.3 per cent to $1,457.90.

  7. For the month, prices were down almost 4 per cent, their biggest since November 2016, as optimism about a deal between Beijing and Washington dampened demand for the safe-haven metal.

  8. Gold, considered a safe store of value during economic or political uncertainties, has gained more than 13 per cent this year, mainly due to the tariff dispute.

  9. 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 the backdrop of falling earnings in rural areas. 

  10. 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.



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