Gold prices edge higher today on jewellers buying

New Delhi-India (Sept 19)   Gold prices advanced by Rs 50 to Rs 31,660 per 10 gram today in line with a firm global trend amid continued buying by local jewellers, reported PTI. In Delhi, gold rates of 99.9% and 99.5% purity rose by Rs 50 each to Rs 31,660 and Rs 31,510 per 10 gram, respectively. Sovereign, however, remained flat at Rs 24,500 per piece of eight gram. Global gold prices also rose along with equities as the US dollar softened, with markets showing little worry over the latest escalation in the US-China trade war. In global markets, spot gold rate climbed 0.4% to $1,202.32 an ounce. US gold futures were up 0.3% at $1,207 an ounce.

Meanwhile, the World Gold Council today said that India should not tamper with its gold import duty or impose other restrictions to support the rupee, reported Reuters. The government is considering ways to cut “non-necessary” imports to stem an outflow of dollars.

Following gold, silver prices surged by Rs 300 to Rs 38,000 per kg on increased offtake by industrial units and coin makers. Silver ready strengthened by Rs 300 to Rs 38,000 per kg and weekly-based delivery by Rs 170 to Rs 37,475 per kg. Silver coins, however, remained unaltered at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.

The Indian rupee strengthened marginally against the US dollar, tracking mixed Asian market. In afternoon trade, the rupee was trading at 72.78 to a dollar, up 0.23% from its Tuesday’s close of 72.97. The dollar index, which measures the greenback against a basket of major currencies, was down 0.1%.

Global gold prices have declined about 12% since April, hurt by the intensifying US-China trade dispute and on rising US interest rates.

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