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Gold, Silver Rates on October 12: Gold Prices Rise For Third Straight Day: 5 Things To Know

Sovereign gold continued to be traded at previous level of Rs 24,600 per piece of eight grams.

Gold maintained its upward trend for the third straight day on Friday, rising Rs 140 to trade at Rs 32,120 per 10 grams on increased buying by jewellers to meet festive demand amid positive global cues, reported news agency Press Trust of India. Silver prices also went up by Rs 500 to Rs 39,500 per kg on fresh buying by industrial units and coin makers. Marketmen said, sentiment was upbeat largely backed by increased buying by local jewellers, driven by ongoing festive season and a firming trend overseas amid fresh weakness in the US dollar.

Here are key things to know about gold, silver prices:

1. Globally, gold edged down on Friday but held near an over two-month high hit in the previous session, when prices surged over 2 per cent as a rout in global stock markets boosted the metal’s safe-haven appeal, reported news agency Reuters. Spot gold was down 0.2 per cent at $1,221.06 an ounce in the intraday trade. On Thursday, it jumped about 2.5 per cent after marking its highest since July 31 at $1,226.27. That was also the metal’s best one-day percentage gain since June 2016.    

2. In Delhi, gold of 99.9 per cent and 99.5 per cent purity rose further by Rs 140 each to Rs 32,120 and Rs 31,970 per 10 grams, respectively. The yellow metal had risen Rs 330 in the previous two days. Sovereign gold continued to be traded at previous level of Rs 24,600 per piece of eight grams.

3. “MCX gold prices have fallen after smooth sailing in yesterday’s session. Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1.2 per cent to 738.99 tonnes on Monday, the first gain since July and the biggest inflow since March. Nonetheless, as rupee has appreciated due to falling crude oil prices, the gold’s tone was bearish in a day,” said Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Commodities.    

4. Following the rise in gold, silver-ready spurted Rs 500 to Rs 39,500 per kg and weekly-based delivery rose Rs 435 to Rs 38,905 per kg.    

5. Silver coins too were in good demand and traded notably higher at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces as against previous level of Rs 73,000 and Rs 74,000, respectively.

(With agency inputs)

Updated: October 12, 2018 — 10:41 am

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