Gold prices gain Rs 1,000 in 19 days, shoot up to 14-month high in Delhi

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Updated: January 25, 2018 3:03:00 PM

Gold prices jumped to a level of over 14-month high gaining by Rs 1,000 in 19 days at the bullion market of national capital Delhi.

Today only, gold prices saw a rise of Rs 350 to an over 14-month high of Rs 31,450 per 10 gram. (Image: Reuters)

Gold prices jumped to a level of over 14-month high gaining by Rs 1,000 in 19 days at the bullion market of national capital Delhi. Broadly, gold prices are on a continuous rising streak since more than a month now on the back of wedding season buying. Gold prices surged by Rs 1,000 to over 14-month high of Rs 31,450 per 10 grams following a buying by local jewellers. Today only, gold prices saw a rise of Rs 350 to an over 14-month high of Rs 31,450 per 10 gram. Silver regained the Rs 41,000-mark by jumping Rs 1,100 on increased offtake by industrial units and coin makers, PTI said in a report.

“The rally in gold to a firm trend overseas as the dollar weakened to near three-year lows in the wake of comments by US Treasury secretary Steven Mnuchin that he welcomed a weaker currency, raising demand for the precious metal as a safe haven,” PTI reported citing unidentified bullion traders. In the international markets, gold rose 0.43% to trade at nearly 1-1/2 year high of $1,363.60 an ounce while silver gained 0.29% to $17.58 an ounce in Singapore. In the national capital, gold of 99.9% and 99.5% purity shot up by Rs 350 each to Rs 31,450 and Rs 31,300 per ten gram, respectively, a level last seen on 9 November 2016. Sovereign held steady at Rs 24,800 per piece of eight gram. Tracking gold, silver ready jumped Rs 1,100 to Rs 41,000 per kg and weekly-based delivery Rs 1,190 to Rs 40,130 per kg while the prices of silver coins stood flat at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Gold prices have risen by Rs 2,050 in the last 37 days to Rs 31,450 per 10 grams from a price level of Rs 29,400. However, from the beginning of December until 12 December 2017, gold prices were on a sinking trend following a low demand from local jewellers all across.

In the meantime, the benchmark Sensex fell 250 points slipping below 36,000-level as most of the heavyweight shares tumble with stocks of SBI, Dr Reddy’s, Bharti Airtel and TCS falling 2-5% in the afternoon trades on Thursday. S&P BSE Sensex plunged 251.34 points to hit a day’s low 35,910.3 while NSE Nifty shed as much as 76.8 points to hit the day’s low of 11,009.2. Shares of India’s largest bank State Bank of India emerged as the biggest losers among the Sensex stocks diving as much as 5% followed by Dr Reddy’s Laboratories, Bharti Airtel and TCS.

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