Gold Prices Rise As Festive Demand Picks Up: 5 Things To Know

Gold prices strengthened by Rs 70 to Rs 32,620 per 10 gram on Tuesday amid pick-up in festive demand, reported news agency Press Trust of India (PTI). Bullion traders said that due to the upcoming Diwali festival there has been a rise in gold coin demand. In Delhi, gold of 99.99 and 99.5 per cent purity rallied by Rs 70 each to Rs 32,620 and Rs 32,470 per 10 gram, respectively. However, silver rates declined by Rs 260 to Rs 39,240 per kg due to tepid demand by industrial units. 

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

1. Sovereign gold rose by Rs 100 to Rs 24,900 per piece of eight gram. 

2. In the international market, gold stood at $1,224.83 an ounce in New York. Gold prices fell as the US dollar firmed on renewed fears of intensification in the Sino-US trade war and worries over slowing global economic growth, reported news agency Reuters.

3. "MCX gold is struggling around Rs 31,900 levels due to lacklustre movement in the international gold also. The Comex gold has a stiff resistance near $1,235. The week will be an important one due to couple of economic data from the US, Core PCE Price Index which will come tonight and nonfarm payrolls on Friday. Not only this, pre-Diwali buying may also come in India. Hence prices may stay supportive for some more days", said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities. 

4. On the other hand, silver ready prices went down by Rs 260 to Rs 39,240 per kg and silver weekly-based delivery by Rs 388 to Rs 38,345 per kg. 

5. Silver coins remained unchanged at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces. 

(With inputs from agencies)