INSUBCONTINENT EXCLUSIVE:
Gold price touched Rs 32,450 in Delhi
A pick-up witnessed in buying by jewellers helped domestic gold price regain some of the strength, say traders
Gold price in the national capital surged by Rs 165 to Rs 32,450 per 10 grams, news agency Press Trust of India reported
Dollar strength against a basket of currencies, including the rupee, offset gold's safe-haven appeal
In the international market, gold price moved sideways, buoyed by safe-haven demand with upside potential restricted by a firm dollar and
outlook for higher interest rates in the US
Spot gold was nearly unchanged at $1,311.51 per ounce, news agency Reuters reported.1
Domestic gold price: In Delhi, gold of 99.9 per cent and 99.5 per cent purity bounced back by Rs 165 per 10 grams each to Rs 32,450 and Rs
32,300 per 10 grams respectively, according to Press Trust of India
Gold prices had declined by Rs 115 on Monday.(Also read: SBI's Revamped Gold Deposit Scheme)2
Domestic silver price: Silver, however, slumped below the Rs 41,000 per kg level
Silver prices fell by Rs 400 to Rs 40,900 per kg due to reduced offtake by industrial units and coin makers, PTI reported
Silver ready dropped by Rs 400 to Rs 40,900 per kg
On Monday, silver prices had eased by Rs 100 to Rs
Rupee vs dollar: The rupee breached the 68 mark against the US dollar on Tuesday
Weakness in the rupee against the US currency makes gold import costlier.4
Global gold price: US gold futures for June delivery were down 0.5 per cent at $1,311.30 per ounce
The Federal Reserve - the US central bank - is widely expected to raise benchmark interest rates at its next policy meeting in June.5
Higher interest rates tend to boost the dollar and push bond yields up, making greenback-denominated gold more expensive for other holders
and denting its non-yielding appeal.For the latest Election Results Live Updates from Karnataka log on to TheIndianSubcontinent.com
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