Gold prices in India see choppy week on global cues as Delta variant spreads
Gold prices in India see choppy week on global cues as Delta var
- In Delhi, gold gained ₹251 on Friday to trade at ₹46,615 per 10 gram in line with global trends
Gold prices in India sold at a premium rate for the first time in more than two months on Friday. After falling to ₹46,330 on Tuesday, the lowest level gold prices have hit since April 9, local gold futures were up and trading around ₹47,400 per 10 gram.
In Delhi, gold gained ₹251 on Friday to trade at ₹46,615 per 10 gram in line with global trends and current rupee depreciation, according to HDFC securities. The precious metal closed at ₹46,364 per 10 gram on Thursday, whereas silver fell ₹256 to ₹68,458 per kg, from ₹68,714 per kg.
"There is slight improvement in demand from jewellers as some of them think prices could rise above $1,800 and want to stock up," a Mumbai-based bullion dealer with a gold importing bank told Reuters.
In the US, gold rose on Friday, with spot gold rising 0.4% to $1,784.21 per ounce after jumping to $1,794.86, its highest level since June 18. US gold futures settled up 0.4% at $1,783.30. Silver too gained 1.4% to $26.39 per ounce, while platinum gained 0.5% to $1,087.41 and palladium rose 0.6% at $2,779.85.
Nicholas Frappell, global general manager at ABC Bullion, told Reuters that the spread of the Delta variant of the coronavirus is supporting a rise in global gold prices. “Gold has held well at current levels but has yet to break out of the ongoing consolidation," said Frappell.
Gold prices in the national capital dipped by ₹264 to ₹45,783 per 10 gram on Wednesday, staying in line with global drop-in prices. In the international market, gold tumbled to two-month lows, at $1,755 per ounce, whereas silver was trading flat at $25.80 per ounce. Gold prices on Thursday rose ₹137 to ₹46,976 per 10 grams.
Following weak global cues, gold prices in the national capital declined by ₹89 to ₹46,167 per 10 gram on Tuesday. On Monday, the precious yellow metal closed at ₹46,256 per 10 gram.
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