Gold prices were last seen at Rs 38,180 per 10 grams in the national capital on Thursday, according to industry body India Bullion and Jewellers' Association (IBJA). These rates are exclusive of a 3 per cent Goods and services Tax (GST) and making charges, IBJA mentioned on its website. The appreciation of the rupee along with Asian currencies led to the decline in gold rates, analysts said. The rupee rose sharply in the last hour of trade to settle 24 paise higher at 71.29 against the dollar after the Reserve Bank of India (RBI) promised to continue with an "accommodative" stance in its monetary policy.
Globally, gold prices edged up on Thursday as conflicting signals from Washington and Beijing prolonged the uncertainty about a trade deal, a day after positive comments by the US President Donald Trump knocked the bullion off its one-month high.
Motilal Oswal Financial Services Ltd VP - Commodities Research Navneet Damani said, "US imposing tariffs on Brazil and Argentina and various comments from US President (Donald Trump) kept the momentum positive for the precious metal."
Spot gold was last seen 0.2 up at $1,477.69 per ounce. US gold futures were up 0.2 per cent at $1,483.00 per ounce.
The dollar index extended losses and was down 0.1 per cent, making gold cheaper for investors holding other currencies.
On Wednesday, gold rose to a one-month high of $1,484, but settled lower after Donald Trump said that trade talks with China were going "very well."
That came a day after Trump dented hopes for a trade resolution when he said an agreement might have to wait until after the U.S. presidential election in November 2020.
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