Gold prices rise by Rs 200, silver rates recover

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OCTOBER 15, 2018

NEW DELHI – Gold prices today rebounded by Rs 200 to Rs 32,250 per 10 grams, tracking gains in overseas markets amid fresh buying by local jewellers.

In Delhi, gold of 99.9% and 99.5% purity rebounded by Rs 200 each to Rs 32,250 and Rs 32,100 per 10 grams, respectively, Press Trust of India reported. Gold prices had slipped Rs 70 on Saturday. Silver prices followed suit and recovered by Rs 350 to Rs 39,750 per kg due to increased offtake from industrial units and coin makers, the report said.

Sovereign gold too showed some strength and traded Rs 100 higher at Rs 24,700 per piece of eight grams. Silver ready also moved up by Rs 350 to Rs 39,750 per kg and weekly-based delivery by Rs 345 to Rs 39,260 per kg. Silver coins, however, continued to be traded at previous level of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.

In global markets, gold prices jumped nearly 1% today to hit a near 12-week high amid weak Asian stock markets and concerns over China-US trade war and possibility of higher US interest rates. Spot gold was up 0.9% at $1,228.24 an ounce, as of 0741 GMT.

The recent global stock market selloff has boosted global gold prices. “Gold is more appealing after the stock market crash. It has regained some of its safe-haven lure,” Reuters quoted Brian Lan, managing director at Singapore dealer GoldSilver Central, as saying.

A rally in domestic gold prices has curbed retail purchases going into the key festival season, according to traders.

According to provisional data from precious metals consultant GFMS, India’s gold imports in September dropped more than 14% from a year earlier as demand was dented by a rally in local prices because of a depreciating rupee.


Courtesy/Source: LiveMint / PTI

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