Dhanteras: Precios metals subdued amid rise in prices |
With gold prices ruling at a six-year high, Dhanteras was marked by token purchases, restricting the volume of business. In Delhi, gold of 99.9 per cent and 99.5 per cent purity traded higher by Rs 40 each to Rs 32,690 and Rs 32,540 per 10 gram respectively. Silver prices also followed suit and edged up by Rs 10 to Rs 39,540 per kg but weekly-based delivery fell by Rs 183 to Rs 38,637 per kg in line with weak global cues. Gold and jewellery sales remained subdued on Monday owing to sluggish demand from consumers amid high prices.Where gold rates should have been around Rs 30,000 per ten grams, the prices have shot up to Rs 32,000 because of rupee depreciation. The market is not able to adjust the increase of Rs 2,000 per ten gram. Compared to last year`s Dhanteras, gold prices have surged by Rs 1,980 or over 6 per cent while silver has dropped by Rs 1,470 or 3.5 per cent. A weak trend in the global market as the dollar strengthened against its peers has limited the rise in gold prices in the domestic market. Globally, gold fell 0.04 per cent to $1,232.70 an ounce and silver by 0.14 per cent to $14.80 an ounce in Singapore on november 5, 2018.
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