Gold Rates in Diwali Season Rise Ahead of Dhanteras & Wedding Season
Global gold prices have gained more than 6 percent since mid-August, amid US-China trade tension and the recent turmoil in global financial markets
New Delhi, October 29: Ahead of Diwali, Dhanteras and the wedding season, the sentiment in the gold market continue to remain tepid. The price of 10 grams of gold today has increased by Rs 10 to Rs 31,260 as compared to the previous day's rate of Rs 31,250. Some of the pressures that are acting on gold are-lukewarm demand from local jewellers and a weak trend overseas. The gold demand last week remained muted as a recent rally in domestic prices prompted buyers to postpone purchases. Ahead of Diwali, Gold Hits Year's High of Rs 32,500.
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.
According to a Reuters report, spot gold was down 0.1 per cent at $1,232.54 an ounce. On Friday, it touched its highest since July 17 at $1,243.32. It climbed 0.6 per cent last week in its fourth straight weekly gain, its longest such streak since January.
Global gold prices have gained more than 6 percent since mid-August, amid US-China trade tension and the recent turmoil in global financial markets. The depreciation of the rupee against the US dollar has also boosted gold prices in India.
(The above story first appeared on LatestLY on Oct 29, 2018 11:35 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).