Gold climbs Rs. 130 per 10 gram on festive demand
What's the story
Gold advanced by Rs. 130 to Rs. 31,980 per 10 gram today following the uptick in festive season demand from jewelers and retailers at the domestic spot market despite a weak global trend. 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 the surge in festive demand.
Data
Rupee depreciating to all-time low supports uptrend in gold
Besides, the rupee depreciating to a lifetime low of 74.50 (intra-day) against USD, making imports costlier, too supported the uptrend in gold, the traders said. Globally, gold fell 0.15% to $1,193.60 an ounce in Singapore. Silver too eased 0.14% to trade at $14.34 an ounce.
Numbers
Silver fell by Rs. 200 to Rs. 39,000/kg
In Delhi, gold of 99.9% and 99.5% purity rose by Rs. 130 each to Rs. 31,980 and Rs. 31,830 per 10g, respectively. However, Sovereign, a gold coin of the United Kingdom, remained steady at Rs. 24,600 per piece of 8g. Meanwhile, silver fell by Rs. 200 to Rs. 39,000/kg and weekly-based delivery traded higher by Rs. 180 to Rs. 38,470/kg on speculative buying.