Gold prices in Delhi registered slight recovery, reversing the declining trend witnessed in the past five sessions.
Recovering by Rs. 60 per 10 grams, gold prices in the national capital were at Rs. 31,150 per 10 grams at the bullion market on Monday.
While domestic gold prices tracked strength in the international market, where the rates recovered from seven-month lows, a pick-up in buying by local jewellers pushed supported the prices, according to traders.
Gold prices had declined by a cumulative Rs. 560 per 10 grams from July 10 to July 14.
Things to know about gold prices today:
1. In Delhi, gold of 99.9 per cent and 99.5 per cent purity recovered by Rs. 60 each to Rs. 31,150 and Rs. 31,000 per 10 grams, respectively, . Silver prices also edged up by Rs. 35 to Rs. 39,950 per kilogram, according to a report.
2. In the international market, gold prices steadied. Spot gold was up 0.2 per cent at $1,244.13 an ounce at 2:51 pm, after marking the lowest since December 12 at $1,236.58 on Friday, reported. US gold futures were 0.2 per cent higher at $1,244.2 an ounce.
3. The dollar slipped to trade below its recent highs, making dollar-denominated gold cheaper for holders of other currencies, which could boost demand.
4. However, higher interest rates in the United States weighing on investor demand and a weak physical market are expected to pressure prices of the precious metal.
5. Physical market demand in top consuming countries China and India was weak, according to analysts. Meanwhile, India’s gold imports fell for a sixth month in June to 44 tonnes as a drop in the rupee lifted local prices to a near 21-month high, curtailing demand, according to government data released last week.>