Gold Price At Rs 37,950 Per 10 Grams In Delhi

Gold prices were last seen at Rs 37,950 per 10 grams in the national capital on Tuesday, 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. According to Tapan Patel, Senior Analyst (Commodities), HDFC Securities, gold was under pressure due to rupee appreciation and weak global prices. The absence of strong demand in physical market also kept gold prices under pressure, he said.

The rupee on Tuesday settled on a higher note against the dollar, propelled by foreign capital inflows.

Globally, gold edged higher off a two-week low on Tuesday as cautious traders awaited further developments in the trade negotiations between the United States and China, though a firm equities market kept a lid on bullion's gains.

Spot gold was last seen 0.2 per cent up at $1,457.58 per ounce, having earlier touched its lowest since November 12 at $1,451.15. US gold futures inched 0.1 per cent higher to $1,457.50.

Gold, considered a safe asset in times of political and economic uncertainty, has gained more than 13 per cent this year, mainly due to the tariff dispute and its impact on global economic growth.

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 backdrop of falling earnings in rural areas. 

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.