The gold prices in India today has gained despite being steady in the overseas markets owing to the strong dollar. The gold rates in India were recorded at Rs 30,900 for 10 grams of 22 karats and at Rs 31,900 for 10 grams of 24 karats.
In the global markets, Spot gold stood at $1,278.40 per ounce and U.S. gold futures were seen at $1,276 per ounce.
The rise in the U.S. currency value has helped the yellow metal to stand firm and has currently hit a four-month low in the overseas markets. The strong emerging data from the United States of America and China has helped to ease the concerns surrounding the slowdown of global economic growth.
Despite this, the Eurozone businesses are likely to face slow growth as per the survey reports.
During March, the U.S. currency rallied against a basket of six major currencies after the rise in the U.S. retail sales thus indicating signs of picking up of global economic growth for the first quarter of 2019.
As the majority of gold in imported in India from abroad, the mighty dollar will make the gold prices to rise up and will make it costlier for purchase for holders of non - U.S. currency.
The ongoing trade talks between the U.S. and China to resolve the trade tariff dispute has been keenly observed by the investor community as the positive outcome of the same will help the equities markets to trade high.
The rise in the local demand for gold has pushed its prices to go up and hence gold rates in India have gained today amidst ongoing wedding season.