Gold prices in New Delhi rose Rs 500 per 10 grams in the last five days at the bullion market of the national capital and silver prices got costlier by Rs 165 per kg in the same period.
Gold prices in New Delhi rose Rs 500 per 10 grams in the last five days at the bullion market of the national capital and silver prices got costlier by Rs 165 per kg in the same period. Gold prices have been on a cyclical trend since the wedding season in India had kicked off from the early October 2017. In the span of last five days, prices of gold have risen by Rs 500 to Rs 31,850 per 10 grams while the prices of silver saw an appreciation of Rs 165 to Rs 39,550 per kg following the uptick in the demand from local jewellery makers in the last leg of the favourable wedding season in India.
On Tuesday, gold prices jumped by Rs 190 to Rs 31,850 per 10 grams on the back of sustained buying by local jewellers whereas silver prices tripped down by Rs 150 to Rs 39,550 per kg due to the reduced offtake by industrial units and coin makers. Earlier in this month only, the precious metals saw a steep decline in the prices. Gold fell to a three-week low of Rs 30,950 per 10 grams and silver slipped below Rs 39,000-mark, losing as much as Rs 450 to Rs 38,900 per kg.
In the meantime, Gold prices fell slightly on Wednesday, extending the decline from the previous session, as investors interpreted comments from Federal Reserve Chairman Jerome Powell to mean that the US may raise interest rates more frequently than anticipated this year, Reuters said in a report. Sentiment in gold remained strong following positive trend overseas on the back of a weaker dollar, while investors awaited US Federal Reserve Chair Jerome Powell’s first congressional testimony for clues on the future pace of monetary tightening, PTI said in a report. Spot gold was 0.1% lower at $1,317.01 an ounce while US gold futures traded flat at $1,318.50 per ounce.
In New Delhi, gold of 99.9% and 99.5% purity surged by Rs 190 each to Rs 31,850 and Rs 31,700 per 10 grams, respectively on Tuesday. Whereas, silver ready edged down by Rs 150 to Rs 39,550 per kg and weekly-based delivery by Rs 55 to Rs 38,550 per kg. Silver coins remain unchanged continuing to trade at the previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.