Gold Prices Rise For Second Straight Session: 5 Things To Know
Gold prices rose by Rs 140 to Rs 31,340 per 10 grams at the bullion market on Friday on persistent buying by local jewellers and a firm global trend, according to Press Trust of India. Besides, a depreciating rupee which slumped to a historic low of 71 against the dollar, making imports costlier, aided the uptrend. However, silver remained unaltered at Rs 38,300 per kg in limited deals from industrial units and coin makers. Marketmen said besides a firm global trend, increased buying by local jewellers to meet the ongoing festive season demand at the domestic spot market, mainly kept the gold prices higher.
Here are five things to know about gold, silver prices today:
1. Gold prices rose on Friday due to a lower dollar and jitters about an escalation in the US-China trade dispute after fresh threats by President Donald Trump, although bullion is still heading for its fifth straight monthly decline, reported Reuters.
Spot gold was up 0.6 per cent at $1,206.19 an ounce in the early day trade, a gain of 4 per cent from the 19-month low of $1,159.96 hit on August 16.
2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 140 each to Rs 31,340 and Rs 31,190 per ten gram, respectively. It had gained Rs 120 in yesterday's trade. Sovereign, however, remained flat at Rs 24,500 per piece of eight gram.
3. "MCX gold is trading higher as the rupee extended losses. However, consistent sell-off in the SPDR gold ETF contained gains in the precious metal. Comex gold is set for a fifth straight monthly decline, the longest losing run in half a decade, hit by a strengthening dollar and US equities at record highs. Prices hit a 19-month low on August 16 and are down 7.4 per cent this year," said Jigar Trivedi - fundamental research analyst, commodities," Anand Rathi Commodities.
4. On the other hand, silver ready remained steady at Rs 38,300 per kg, while weekly-based delivery fell by Rs 125 to Rs 36,955 per kg for want of buying support.
5. Silver coins however continued to be traded at the previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
(With agency inputs)
