Gold rallies by Rs 335: Yellow metal prices rise for third straight day; check latest rates in Delhi

By: |
January 3, 2019 4:39 PM

Gold prices today: Weaker rupee against dollar, strong trend overseas and safe haven buying contributed the rise in the prices of the yellow metal.

Gold gains on global growth fears, falling Asian stocks

Gold prices today: Gold prices rallied for the third straight day on Thursday as the price of yellow metal rose Rs 335 to Rs 32,835 per 10 gram (gm) at the bullion market in the national capital New Delhi, amid weaker rupee against the US dollar, PTI reported citing All India Sarafa Association. On Tuesday and Wednesday, prices of gold rose by Rs 200 and Rs 30, respectively. Meanwhile, silver prices also rose Rs 350 to Rs 39,700 per kg, on account of fresh buying by industrial units and coin makers.

Weaker rupee against dollar, strong trend overseas and safe haven buying contributed the rise in the prices of the yellow metal, the news agency quoted traders as saying. It may be noted that the Indian rupee Thursday opened 12 paise weaker at 70.29 per US dollar, after crashing about 75 paise to close at 70.17 against the US dollar on Wednesday, due to the strong dollar against major global currencies overseas and heavy selling in domestic equities. The domestic currency fell further by about 30 paise in the early morning trade to 70.47 per US dollar.

ALSO READ: Rupee falls 30 paise to 70.47 per US dollar in early trade; hits fresh 2-week low

In Delhi, gold of 99.9 per cent purity saw an increase of Rs 335 to Rs 32,835 per 10 gm, while prices of gold of 99.5 per cent purity also rose Rs 170 to Rs 32,685 per 10 gm. Sovereign gold prices, however, remained unchanged 25,200 per piece of eight gram.

Silver ready was up by Rs 350 to Rs 39,700 per kg. Weekly-based delivery also soared Rs 617 to Rs 39,365 per kg. On the other hand, prices of silver coins remained unchanged at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

On the global front, gold traded up at $1,290.82 an ounce, while silver also rose to $15.55 an ounce in New York.

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