INSUBCONTINENT EXCLUSIVE:
New Delhi: Gold prices maintained an upward momentum by rising for the sixth day in a row
Gold rates rose by Rs 100 to a two-week high of Rs 32,400 per 10 grams at the bullion market today, supported by buying by local jewellers
in the ongoing wedding season and higher global prices
The yellow metal had gained Rs 320 in the previous five days
Silver rates also spurted to recapture the Rs 41,000 per kilogram mark
Silver prices surged by Rs 330 to Rs 41,100 per kg, on the back of increased offtake by industrial units and coin makers.1
In Delhi, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 100 each to Rs 32,400 and Rs 32,250 per 10 grams, respectively - a
level last seen on April 25.2
Sovereign, however, held steady at Rs 24,800 per piece of eight grams
In step with gold, silver ready shot up by Rs 330 to Rs 41,100 per kg and weekly-based delivery rose by a similar margin to Rs 40,400 per
Silver coins, however, ruled flat at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.4
In global commodities markets, spot gold rose 0.1 per cent to $1,322.61 an ounce
Tepid US inflation data for April prompted traders to pare bets of faster rate hikes by the Federal Reserve.5
Gold rose on the weaker dollar and tensions between the United States and Iran also supported the precious metal
Gold is traditionally seen as a safe place to park assets in times of uncertainty or conflict
A stronger dollar makes gold more expensive for holders of other currencies, while higher US rates tend to boost the greenback.
