Gold prices, jumped by Rs. 130 to Rs. 32,780 per 10 grams at the bullion market today on persistent buying by local jewellers to meet festive season demand amid a firm trend overseas, reported.
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 today, reported . Gold demand in 2017 was 771.2 tonnes.
Things to know about gold, silver prices:
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 .
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.
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.
5. Silver coins, however, ruled flat at Rs. 76,000 for buying and Rs. 77,000 for selling of 100 pieces.