Gold Prices Near 32,500 Rupees As Demand Picks Up

Gold prices rose by Rs 200 to Rs 32,470 per 10 grams at the bullion market on the first day of trade in 2019 amid pick-up in demand, reported news agency Press Trust of India (PTI). In line with gold, silver too gained Rs 150 to Rs 39,250 per kg on increased demand from industrial units and coin makers. Pick-up in demand helped the rally in the precious metal, said the report citing bullion traders. Gold prices had plunged by Rs 370 on Monday.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity went up by Rs 200 each to Rs 32,470 per 10 grams and Rs 32,320 per 10 grams, respectively. Sovereign gold, however, remained unchanged at Rs 25,200 per piece of 8 grams.

Globally, gold traded near a more than six-month peak hit early on Monday but was headed for its first annual decline since 2015, having lost this year to dollar strength due to trade tensions and rising interest rates by the US Federal Reserve, reported news agency Reuters. Spot gold was up 0.1 per cent at $1,281.25 an ounce in intraday trade. It hit its highest since June 15 at $1,284.09 earlier in the session.

Silver ready advanced by Rs 150 to Rs 39,250 per kg and weekly-based delivery saw a mild rise of Rs 25 to Rs 38,725 per kg. Silver coins, however, remained unchanged at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

In 2018, gold prices jumped by Rs 1,870, or 6.15 per cent, as compared with the price of Rs 30,400 per 10 grams on December 30, 2017. Silver, on the other hand, lost Rs 880, or 2.2 per cent, against Rs 39,980 per kg as on December 30, 2017.

(With agency inputs)