INSUBCONTINENT EXCLUSIVE:
Gold prices edged higher on weakness in the dollar against a basket of currencies
Gold prices today rose from the Rs 32,000 per 10 grams level in Delhi
Gold maintained its upward trend to climb by Rs 125 to Rs 32,125 per 10 gram at the bullion market in the national capital, news agency
Press Trust of India reported
Buying by local jewellers along with mild gains in the international gold prices supported domestic rates of the yellow metal, according to
Gold prices in the global market edged higher on weakness in the dollar against a basket of currencies.1
Domestic gold prices: In Delhi, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 125 each to Rs 32,125 and Rs 31,975 per 10
grams, respectively, according Press Trust of India
Gold prices had gained by Rs 120 on Wednesday.2
Domestic silver prices: Silver ready, however, shed Rs 100 to Rs 41,300 per kg, according to Press Trust of India
Silver weekly-delivery declined by Rs 20 to Rs 40,460 per kg.3
Global gold prices: Spot gold was up 0.2 per cent at $1,295.16 per ounce at 9:29 am, after gaining nearly 0.2 per cent in the previous
session, news agency Reuters reported
US gold futures for June delivery were up 0.4 per cent at $1,294.60 per ounce.4
The rupee recovered to 68.31 against the US dollar
However, it was not very far from its all-time low of 68.87 recorded against the greenback in November 2016
On Wednesday, the rupee had closed at an 18-month low 68.42 against the US dollar.5
The dollar weakened against a group of currencies, including rupee, after minutes of the latest Federal Reserve meeting hinted at a dovish
approach to interest rate hikes in the US
Gold is highly sensitive to rising US rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the
dollar in which the metal is priced
A weaker dollar makes dollar-priced gold cheaper for non-US investors.
