New Delhi: Gold prices today remained steady but silver rates surged for the second day. Gold prices were steady at Rs 31,850 per 10 gram while silver rates surged Rs 380 per kg to 37,740 per kg. Strong demand from industrial units and coin makers has pushed silver rates up nearly Rs 1,200 in two days. Gold prices had jumped Rs 390 on Monday while silver Rs 800 per kg on strong demand from industrial units and coin makers.
Today, prices of gold of both 99.9% and 99.5% purities remained flat at Rs 31,850 and Rs 31,700 per 10 gram, respectively. Sovereign gold, however, moved up by Rs 100 to Rs 24,800 per piece of 8 grams. Silver ready prices zoomed by Rs 380 to Rs 37,740 per kg, while weekly-based delivery jumped by Rs 619 to Rs 36,368 per kg. Silver coins, however, also ended flat at Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
In global markets, gold price remained on an upward trend, hitting a more than one-month high earlier in the session. A weaker dollar supported the upmove in gold prices. Spot gold prices rose 0.6% to $1,238.36 per ounce. US gold futures were up 0.3 percent at $1,243.4 per ounce.
“After the G20 summit safe-haven buying in the dollar index has reduced therefore gold is looking very strong,” said Vandana Bharti, assistant vice-president of commodity research, SMC Comtrade Ltd, adding $1,250 is the next target for the gold.
The dollar weakened against its major peers today as the thaw in trade tensions US and China boosted investor confidence in riskier assets.
In global markets, gold has fallen about 10% from a peak in April as investors preferred the dollar as safe haven.
Back in India, the rupee today remained near 70.50 a dollar. The rebound in rupee from October lows of 74.48 a dollar has helped bring down the imported price of gold. Traders said that the fall in domestic gold prices has helped boost demand from jewellers.
With Agency Inputs