Gold Prices Jump, Silver Also Edges Up: 5 Things To Know

Gold prices edged up by Rs 180 to Rs 30,600 per 10 gram at the bullion market on Tuesday, reported news agency Press Trust of India (PTI). More buying by local jewellers amid festive cheer coupled with firm global cues rose gold prices today. On the other hand, silver prices today gained Rs 50 to Rs 38,150 per kg on increased offtake by industrial units and coin makers. According to traders, the upswing was a result of a firm global trend where gold rose on a weaker US dollar, after US President Donald Trump criticised the Federal Reserve for raising interest rates.

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

1. Globally, gold rose 0.33 per cent to $1,194 an ounce and silver by 0.31 per cent to $14.78 an ounce in Singapore. Gold is highly sensitive to rising US rates as it increases the opportunity cost of holding non-yielding metal while boosting the dollar.

2. In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed Rs 180 each to Rs 30,600 and Rs 30,450 per 10 gram, respectively. The precious metal had gained Rs 170 on Monday.  Sovereign remained flat at Rs 24,400 per piece of eight gram today.

3. "Tomorrow is a holiday in India due to Eid. On the upside, Rs. 29,750 is very good resistance; on the flip side, Rs. 29,480 is support," said  Jigar Trivedi, Fundamental Research Analyst - Commodities, Anand Rathi Commodities.

4. Silver ready rose further by Rs 50 to Rs 38,150 per kg, while weekly-based delivery shed Rs 10 to Rs 36,950 per kg. 

5. Silver coins continued to be traded at previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. (With agencies inputs)