Gold Prices Rise Again, Silver Rates Also Surge: 10 Things To Know

NDTV Profit Team

19 Sep 2018, 04:26 PM IST

Sovereign remained flat at Rs 24,500 per piece of eight gram.

Gold prices rose by Rs 50 to Rs 31,660 per 10 gram at the bullion market on Wednesday, reported news agency Press Trust of India (PTI). According to traders, gold prices advanced today in tandem with a firming trend overseas amid persistent buying by local jewellers. Dollar weakened despite another round of tit-for-tat tariffs in the China-US trade dispute. Silver rates also surged by Rs 300 to Rs 38,000 per kg on increased offtake by industrial units and coin makers, added PTI.

Here are 10 things to know about gold prices, silver rates today:

1. The increased buying by local jewellers to meet the ongoing festive season demand at the domestic spot market, also supported the upside today.

2. Globally, gold rallied 0.40 per cent to $1,202.70 an ounce and silver by 0.42 pr cent to $14.17 an ounce in Singapore.

3. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 50 each to Rs 31,660 and Rs 31,510 per 10 gram, respectively.

4. "Market seems to have shrugged off tit-for-tat action by China and US. The dollar has begun to fall as investors are starting to worry about the broader impact of the tariffs on the US economy. Investors are also eyeing a meeting by the US Federal Reserve next week at which interest rates are widely expected to be raised", Jigar Trivedi, Fundamental Research Analyst - Anand Rathi Commodities, told NDTV.

5. Sovereign remained flat at Rs 24,500 per piece of eight gram.

6. On Tuesday, gold advanced by Rs 10 to Rs. 31,610 per 10 gram at the bullion market.

7. Silver ready strengthened by Rs 300 to Rs 38,000 per kg and weekly-based delivery by Rs 170 to Rs 37,475 per kg.

8. Silver coins remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

9. India is the world's second-biggest gold buyer, and its imports in August rose more than 90 per cent to $3.64 billion.

10. According to a Reuters report, the World Gold Council said on Wednesday said that the government should not tamper with its gold import duty or impose other restrictions to support the rupee as the government considers ways to cut "non-necessary" imports to stem an outflow of dollars. (With agencies inputs)