Gold, advanced by Rs. 130 to Rs. 31,980 per 10 grams today following uptick in festive season demand from jewellers and retailers at the domestic spot market despite a weak global trend, reported .
However, silver met with resistance at prevailing levels and declined by Rs. 200 to Rs. 39,000 per kg. Bullion traders said gold prices spurted due to surge in festive demand.
Besides, the rupee depreciating to a life-time low of 74.50 (intra-day) against the dollar, making imports costlier, too supported the uptrend in gold, they said.
Things to know about gold, silver prices:
1. Globally, gold fell 0.15 per cent to $1,193.60 anounce in Singapore. Silver too eased 0.14 per cent to tradeat $14.34 an ounce.
2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity rose by Rs. 130 each to Rs. 31,980 and Rs. 31,830 per 10 grams, respectively. The metal had gained Rs. 200 yesterday. Sovereign, however, remained steady at Rs. 24,600 per piece of eight grams.
3. “Gold holds advance amid risk-off sentiment in markets after a rout in US equities extends to Asia… The yellow metal has gone up majorly due to domestic currency impact,” said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities.
Meanwhile, Donald Trump’s comments on Wednesday triggered a sell-off on Wall Street, with Asian markets opening sharply lower on Thursday in response. “I think the Fed is making a mistake. It’s so tight. I think the Fed has gone crazy,” the US president said.
4. On the other side, silver ready fell by Rs. 200 to Rs39,000 per kg and weekly-based delivery traded higher by Rs. 180 to Rs. 38,470 per kg on speculative buying. Silver coins however remained unchanged at Rs. 73,000 for buying and Rs. 74,000 for selling of 100 pieces.
5. Gold imports in September dropped more than 14 per cent from a year ago as a rally in local prices due to a depreciating rupee reduced demand in the world’s second-biggest consumer of bullion, according to provisional data from precious metals consultancy GFMS, reported .