In the spot market on Friday, gold hit levels of Rs. 35,500 per 10 gm i.e. not excluding 3% GST. In Mumbai, gold priced priced closed at Rs. 35,271 higher by Rs. 789 while on the MCX futures it crossed levels of Rs. 36000. This is owing to the depreciation in the local currency and surge in dollar after a sudden imposition of additional 10% tariff on all Chinese goods announced by the US President on late Thursday.
Today, the price of 24k gold of 99.9% purity in Delhi is available for Rs. 36,695 per 10gm. Also, a dealer has said that owing to the high price of the yellow metal, demand has been hit.
Given the climate around of huge sell-off in the equity market space, depreciation in the rupee, experts in the domain expect the yellow metal to surge to Rs. 37,000 very soon on the MCX.
In the current regime, the previous sale of old gold which witnessed a spurt has also seen a slow down.