(From Trade Representative)
MUMBAI: Gold prices rose as much as 1.3 percent on the New York Mercantile Exchange after the dollar index weakened yesterday, despite a strong trend in the dollar index and an improvement in US Treasury yields today, with investors taking a cautious approach ahead of next week’s meeting of the US Federal Reserve session in London today. Initially, gold prices were trading in a narrow range, while silver prices declined from a higher head. However, in the local jewelery market today, the global overnight encouraging report and the weakening of the rupee against the dollar saw the spot gold price at Rs 10 per gram. 841 to 844 with bounce back again to Rs. 50,000 was crossed. Similarly, in silver too, the price per kg was Rs. 1102 increased to Rs. 55,000 was crossed. Global overnight encouraging report today in domestic especially in gold led to decline in gold prices on 99.5 touch standard gold price by Rs.10 per gram on strong demand from jewelery manufacturers and retail level besides stockists and investors buying. 841 to Rs. 50,613 and 99.9 touch standard gold at Rs. 844 to Rs. 50,816 remained at the head. Moreover, today also in .999 touch silver, in addition to the stockists’ take, the price per kg is Rs. 1102 increased to Rs. 55,009 remained at the head. After falling to a more than one-year low of $1,680.25 an ounce in New York on Wednesday, gold prices rose 1.3 percent yesterday and retook the $1,700 level as the dollar index weakened. However, spot gold prices narrowly traded around $1,717.79 an ounce at the start of the session in London, with futures up 0.2 percent from yesterday’s close at $1,716, taking into account the improvement in the dollar index today and the possibility of an aggressive rate hike by the US Federal Reserve. were quoting around $60, while spot silver prices were quoting around $18.72 per ounce, down 0.6 percent from yesterday’s close.
