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.
{{/usCountry}}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.
{{/usCountry}}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.