Gold Prices Rise Further To Hit 6-Year High

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Gold prices have been rallying in the international, as well as, Indian markets this week. Marking a third consecutive day of hike, gold was priced at Rs 32,635 per 10 grams of 24 carats in New Delhi, the highest since 29 November 2012. Rates of the yellow metal across Indian cities rose due to an increase in the international market prices and rise in local demand.

    Gold Prices Rise Further To Hit 6-Year High
     

    Global rates were impacted by the bloodbath in global stock markets, following which, investors sought refuge in the safe haven metal. A rout in tech stocks on Wednesday caused the biggest daily decline on Wall Street since 2011, and this was followed by a slump in the Asian stock indices, destroying hundreds of billions of dollars in the global markets. In India, the BSE Sensex fell close to 350 points in trade today.

    In addition, concerns over Italy's budget woes, US-China trade spat, Brexit uncertainties and US-Saudi tensions benefited the low-risk, low yielding bullion. US spot gold was trading 0.3 percent higher at $1,237.04 an ounce.

    Further, fall in the value of rupee, which was at $73.24/dollar today as against Wednesday's $73.16 a dollar, increased the import price of the metal. As India is highly dependent on imports for its domestic supply of gold, any change in currency exchange valuation will impact the gold rates as well.

    Silver, on the other hand, fell further by Rs 130 to Rs 39,600 per kg, mainly due to a fall in demand from industrial units.

    Read more about: gold
    Story first published: Thursday, October 25, 2018, 16:57 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more