Gold Prices Hit Over 6-Year High on Festive Demand: 5 Things To Know
Gold prices surged by Rs 125 to trade at over six-year high of Rs 32,625 per 10 gram on Thursday, reported news agency Press Trust of India (PTI). Pick-up in festive and wedding season demand by local jewellers amid firm global trends and weakening rupee lifted gold rates on Thursday, traders said. Sentiments also got a boost on firming trend in overseas where gold traded at over three-month high as the dollar eased and equities slumped, they said. Besides, weakness in the local currency and diversion of funds from falling equity markets also added to investor sentiments.
Here are 5 things to know about gold prices, silver rates:
1. This is the third straight session of gain for the yellow metal which has gained Rs 405 since October 23.
2. In the national capital gold of 99.99 and 99.5 per cent purity rallied by Rs 125 each to Rs 32,625 and Rs 32,475 per 10 gram, respectively. This is the highest level since November 29, 2012 when the precious metal had closed at Rs 32,940 per ten gram.
3. Globally, gold was trading at $1,234.20 an ounce in Singapore on Thursday."MCX gold though opened with gap up, the bears managed to drag it down from levels above Rs, 32,000 as Indian rupee has appreciated. The Comex gold is still hovering around psychological resistance of $1,240. The investment demand has gone up a bit hence price s are supported. With appreciating rupee, we expect eh yellow metal to fall further", said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities.
4. Sovereign gold traded steady at Rs 24,800 per piece of eight gram.
5. Silver, however, remained weak and fell by Rs 130 to Rs 39,600 per kg due to slackened demand from industrial units. Silver coins remained unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
(With inputs from agencies)
