Gold Surges Due To Festive Demand, Rupee Weakens
New Delhi: Gold prices on Friday rose by Rs. 140 to stand at Rs 31,340 per 10 gram at the Delhi bullion market due to increased buying by local jewellers and global firm trend. On the other hand, the Indian Rupee touched a historic low of 71 against the US Dollar, making imports dearer.
However, the value of Silver remained unchanged at 38,300 per kg in terms of limited deals from industrial units and coin makers. Market analysts have stated that besides a global firm trend, increased buying of gold in domestic market by local jewellers in view of the festive season ahead kept the gold prices higher.
Globally, the price of the yellow metal rose by 0.60% to USD 1,206.80 an ounce. Silver too increased by 0.90% to USD 14.65 an ounce.
In the Delhi bullion market, gold of 99.9% and 99.5% purity surged by Rs.140 each to Rs 31,340 and Rs 31,190 per 10 grams respectively. Silver ready remained steady at 238,300 per kg. Silver coins were being traded at the previous level of ₹73,000 for buying and ₹74,000 for selling of 100 pieces.