Gold Rally Continues For Fourth Day, Prices Jump Rs 100 To Hit Rs 32,000

Gold prices' rising spree on Saturday recaptured the Rs 32,000-level by gaining Rs 100 to trade at Rs 32,050 per 10 gram at the bullion market. In past three sessions, starting Wednesday, gold prices have gained Rs 350 in the commodities market. Following gold prices, silver prices also got stronger by Rs 100 to hit Rs 41,100 per kg. The rise can be attributed to increased offtake by manufacturing units and coin makers. Recently, NDTV reported that gold prices are too high for Indian investors to make money at the inflated valuation. 

Gold Rally Continues. Five Things To Know

1. Gold Prices extended rising streak to the fourth straight day as local jewellers go for persistent buying amid firm trend overseas. Gold prices have risen by Rs 350 in the previous three sessions.

2. The main reasons for the increase in believed to be the rise in demand by consumers that led to higher buying by the jewelers.

3. Another reason for the rise in gold prices is believed to be the firm global cues. The international gold prices rose by 0.17 per cent to $1,299 an ounce and silver by 0.60 per cent to $16.77 an ounce in New York in Friday's trade.

4. The effect of international prices on domestic prices of gold is quite evident as the gold prices in Delhi (99.5 per cent and 99.9 per cent purity) jumped Rs 100 each to Rs 31,900 and Rs 32,050 per 10 gram, respectively.

5. Sovereign gold stayed steady at the price range of Rs 24,800 per eight gram piece. In tune with gold, silver ready also rose by Rs 100 to hit Rs 41,100. The weekly-based delivery rose by Rs 40 to hit Rs 40,410 per kg. However, silver coins stayed flat at Rs 76,000 for buying, and Rs 77,000 for selling of 100 pieces.