Gold Prices Rise For Second Straight Session: 5 Things To Know
Gold prices increased by Rs 40 to Rs 32,690 per 10 grams at the bullion market on Tuesday, reported news agency Press Trust of India (PTI). Prices climbed on continued buying by local jewellers, even as the global trend marked a decline. Silver, however, met with resistance at prevailing higher levels and shed Rs 210 to Rs 39,800 per kg. Sustained buying by local jewellers at the domestic spot market to meet increased demand kept gold prices higher but a weak trend overseas limited the gains, said the report citing traders.
Here are five things to know about gold, silver prices today:
1. A depreciating rupee against the dollar made imports of gold costlier, which supported the uptrend, traders said. The rupee weakened by 46 paise to 70.14 against the dollar at the forex market.
2. Globally, gold prices fell on Tuesday as risk appetite improved on bets China and the United States may be closing on a trade deal, and as the dollar bounced off a two-and-a-half-month low hit in the previous session. Spot gold was down 0.6 per cent at $1,281.32, in intraday trade, while US gold futures were 0.5 per cent lower at $1,283.10 per ounce.
3. In Delhi, gold of 99.9 per cent and 99.5 per cent purities rose by Rs 40 each to Rs 32,690 and Rs 32,540 per 10 grams, respectively. The yellow metal had gained Rs 150 in the last session. Sovereign gold, however, remained flat at Rs 25,200 per piece of 8 grams.
4. Analysts expect gold demand in the domestic markets to pick up going forward.
"Demand for the second round of wedding season which starts post Makar Sankranti or Uttarayan has started to pick up. Thus, we are seeing 22 carat Gold prices in Delhi to trade marginally up in the range of Rs 31,050-31,120", said Gaurav Katariya, research head (commodity), Arihant Capital Markets.
5. On the other hand, silver ready fell by Rs 210 to Rs 39,800 per kg and weekly-based delivery by Rs 263 to Rs 39,056 per kg. Silver coins remained flat at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.
(With agency inputs)
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