Prior to Dhanteras and Diwali, gold prices have begun to regain their previous lustre. Experts predict that prices will rise as the Indian rupee continues to weaken against the US dollar. Gold prices in the capital increased by Rs 37 to Rs 52,300 per 10 grams on October 8. The price of the precious metal had reached Rs 52,263 per 10 grams in the previous transaction.
Silver prices also increased by Rs 311 to Rs 62,022 per kg from Rs 61,711 per kg a day earlier.
Standard gold with a purity of 99.5 was selling for Rs 53,400 per 10 grams in Bengaluru, while the cost of gold jewellery was Rs 4913 per gram. Standard gold with a purity of 99.5% cost Rs 51,588 in Mumbai, while pure gold with a purity of 99.9% cost Rs 51,765.
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In futures trade, Gold prices increased by Rs 29 to Rs 52,001 per 10 grams yesterday as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for December delivery traded higher by Rs 29 or 0.06 per cent at Rs 52,001 per 10 grams in a business turnover of 19,054 lots. Globally, gold was trading 0.20 per cent lower at USD 1,717.40 per ounce in New York.
In early trade yesterday, the rupee lost 16 paise to a record low of 82.33 against the US dollar as a strong US dollar and investors' risk aversion hurt the local currency.
(with PTI inputs)
