Gold Prices Rule Steady In Trade As Equities Decline

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Gold prices were steady and saw very little volatility, as has been the case in the last few trading sessions.

In the spot market, gold of 24 karats purity was seen trading at Rs 32,500 in Mumbai, almost the same levels that was seen in the last few days.

Gold Prices Rule Steady In Trade As Equities Decline
Gold futures on the MCX  too was trading around the same levels. In the international markets spot gold was trading at $1320 an ounce.

Dealers say that while the international prices of gold increased slightly, in India, we could see higher prices, given that the rupee weakened against the dollar.

Check gold rates in all Indian cities here

There were some reports that a Minister in the government had sought devaluation of the rupee, which was later denied. This led to an initial drop in the rupee.

It is important to note that a drop in the rupee results in the prices of gold going higher.

Read more about: gold
Story first published: Thursday, September 15, 2016, 13:27 [IST]
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