Gold Rates in Diwali Season Rise Ahead of Dhanteras, Demand Picks Up
US gold futures were up 0.2 per cent at $1,229.30 an ounce. As Dhanteras approaches, all eyes of the traders will be on gold.
Mumbai, October 30: With Diwali, Dhanteras and the wedding season approaching, demand in the gold market has started to pick up. 10 gram 22-carat gold price today is at Rs 31,450, up Rs 190 as compared to Monday's price. On the other hand, 24-carat gold price for 10 gram has also increased by Rs 140 and is at Rs 33,450. Gold Rates in Diwali Season Rise Ahead of Dhanteras & Wedding Season.
On Friday, the gold rates slipped by Rs 35 to Rs 32,590 per 10 gram, and gold had risen by Rs 125 on Thursday to an over six-year high of Rs 32,625 per 10 gram. Talking about the international market, spot gold was down 0.2 per cent at $1,227.41. US gold futures were up 0.2 per cent at $1,229.30 an ounce.
According to a report on Reuters, the US dollar has increased, on the back of worries over slowing economic growth, and fears that the Sino-US trade war could intensify again. Gold prices have gained more than 6 percent since mid-August.
The gold demand last week remained muted as a recent rally in domestic prices prompted buyers to postpone purchases.
(The above story first appeared on LatestLY on Oct 30, 2018 12:35 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).