Gold price soars to month high across several markets in India

Last Updated: Sat, Oct 13, 2018 13:11 hrs
Gold Shop (PTI image)

Price of the yellow metal crossed a month-high in several local markets of India.

Gold rates on Sify.com reported a rise in the range of 0.5-1.3% across key cities in India.

Price in Mumbai remained unchanged, but at Rs 32877 per ten grams of 24 Karats, the prices were already on the higher side.

Price in Delhi soared to Rs 32994.65 per ten grams for the 24 karat variant.

The yellow metal was cheaper at Rs 31390.37 per ten grams in Bengaluru, while the costliest was Rs 33368.98 in Kolkata.

Gold prices have picked up in the last two trading sessions to soar to a month high.

Some of the reasons for the demand are the arrival of the festive season and also the recent swing in Forex valuations, especially the weakening of the Rupee.

On Friday, the Rupee traded up by Rs 53 paise against the greenback, but the trends in the international spot markets had been reported as mildly bullish.

International spot prices for the yellow metal have been on the higher side, at least in the last two trading sessions. Gold price moved swiftly from levels of $1184 per ounce to levels of $1216 in the past two trading sessions.

Even as equities in most international and domestic markets have tanked to yearly lows, there has been a brisk uptake for the yellow metal.

Bullion buying is considered auspicious, especially around the occasion of Dussehra and Diwali and jewelers were reportedly expecting the momentum to continue at least for the ongoing festival of Dussehra.

Silver prices too showed a marginal gain trading at Rs 41500 per kilo, a nearly 0.73% change.

The ongoing festive season and the Rupee's weak performance in recent times have led a handful jewelers to speculate that Gold could trade to levels of Rs 34000 per ten grams.

If you are keen to buy either Gold or Silver this festive season, check the Gold and Silver rates on the app before investing.

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