BULLION UPDATE-
After falling Rs 290 on Wednesday, gold prices declined further today, extending its fall to the second day. Gold prices today fell by Rs 20 to Rs 31,540 per 10 gram amid higher rupee and tepid demand from local jewellers. However, higher global prices capped the fall in domestic gold prices. On the other hand, silver rates today recovered by Rs 60 to Rs 37,160 per kg. Prices of gold of 99.9% and 99.5% purity fell further by Rs 20 each to Rs 31,540 and Rs 31,390 per 10 gram, respectively. Sovereign gold, however, held steady at Rs 24,700 per piece of 8 gram.
Prices of silver coins were steady today at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces. On the other hand, silver ready recovered by Rs 60 to Rs 37,160 per kg and while weekly-based delivery by Rs 82 to Rs 35,864 per kg.
The rupee gained sharply today against the US dollar, rising to below 70 levels. The rupee hit a three-month high of 69.85 against the US dollar today. Higher rupee makes prices of imported gold cheaper.
In global markets, gold prices firmed up, shaking off some of recent weakness. Spot gold was up 0.4% at $1,225.34 per ounce as the dollar faltered following dovish comments from US Federal Reserve Chair Jerome Powell, calming investor concerns over the pace of rate hikes.
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