Gold prices rise

New Delhi. — Gold prices rose for the third straight day today and added another Rs 50 to Rs 30,650 per 10 grammes amid continued buying by local jewellers and positive global sentiment, reported PTI.

Global gold rates hit a one – week high, as the dollar recovered some ground lost following US President Donald Trump’s criticism of the Federal Reserve’s rate hikes.

In Delhi, gold prices of 99,9 percent and 99,5 percent purity advanced by Rs 50 each to Rs 30,650 and Rs 30,500 per 10 grams, respectively. The metal had gained Rs 350 in the last two days. Sovereign gold also rose by Rs 100 to Rs 24 500 per piece of eight grammes.

On the other hand, silver prices eased by Rs 50 to Rs 38,100 per kg due to reduced offtake by industrial units and coin makers, added the report. Silver coins, however, remained unaltered at Rs 72 000 for buying and Rs 73 000 for selling of 100 pieces.

Global spot gold rates today hit $1 197,66, its highest level since 14 August. US gold futures were largely unchanged at $1 200 an ounce.

A weaker dollar has helped gold recover from a more than one and a half year low hit last week, after prices slumped below the key psychological level of $1,200. Gold has come under pressure this year, sliding more than 12 percent since hitting a high of $1,365.23 in April, amid US interest rate hikes and a soaring dollar.

Some analysts expect global gold prices to strengthen from here. “It appears, for now at least, gold has reached a trough, and will gradually strengthen,” said John Sharma, an economist at National Australia Bank.

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