Gold Prices Rise For Third Straight Day On Festive Demand: 5 Points
Gold prices jumped by Rs 130 to Rs 32,780 per 10 grams at the bullion market on Thursday on persistent buying by local jewellers to meet festive season demand amid a firm trend overseas, reported news agency Press Trust of India. Silver, however, remained subdued and lost another Rs 90 at Rs 39,110 per kg, due to reduced offtake by industrial units. Traders said, continued buying by local jewellers ahead of auspicious "Dhanteras" and "Diwali" festival and positive leads from the global market mainly kept the precious metal prices elevated. However, country's gold demand in 2018 is expected to fall from the previous year as a rally in local prices to five-year highs is likely to dent purchases during key festivals in the December quarter, the World Gold Council (WGC) said on Thursday, reported Reuters. Gold demand in 2017 was 771.2 tonnes.
Here are 5 key things to know about gold, silver prices:Â
1. Globally, gold recovered on Thursday from a three-week low hit in the previous session as the recent drop in metal prices and an easing of the US dollar from multi-month highs stoked buying, reported news agency Reuters. Spot gold was up 0.8 per cent at $1,222.41 per ounce, in the intraday trade, after falling for three sessions in a row. Gold touched its lowest since October 11 at $1,211.52 per ounce on Wednesday.
2. "Investors are now looking ahead to the US jobs report on Friday for clues on the strength of the economy," said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities. Â
3. In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 130 each to Rs 32,780 and Rs 32,630 per 10 grams, respectively. The yellow metal had gained Rs 100 in the previous two days. Sovereign gold, however, held unchanged at Rs 24,900 per piece of 8 grams.
4. On the other hand, silver ready continued to show weakness and shed another Rs 90 at Rs 39,110 per kg and silver weekly-based delivery fell by Rs 222 to Rs 38,128 per kg.  Â
5. Silver coins, however, ruled flat at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.Â
(With agency inputs)
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
