NEW DELHI: At the time when people are talking about recession and price hike, unlikely the rate of gold has been raised. Vice president of all India sarafa association Surendra Jain says that due to the global conflict over trade and taxation system such type of hike was expected. In the opinion of trade experts this type of surprises would be seen in coming days since America-China trade and global slowdown in prices of dollar, the rate is likely to be risen.
In the mid of August Gold prices retouched the all-time high mark of Rs 38,470 per 10 gram in Delhi after the precious metal advanced by Rs 50. The jump in gold prices was on fresh buyin7g from jewellers amid positive overseas trend.
Silver, however, plunged Rs 1,150 to Rs 43,000 per kg on reduced off take by industrial units and coin makers. According to analysts, the rise in local demand, along with positive global trend, mainly led to the upward movement in gold prices.
Globally, spot gold was up 0.6 per cent at $1,505.26 per ounce at 12:04 pm EDT (1611 GMT), holding close to last week’s more than six-year high of $1,510. US gold futures were up 0.5 per cent at $1,516.60 an ounce, according to a Reuters report. In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 50 to Rs 38,470 and Rs 38,300 per 10 gram, respectively. Sovereign gold, however, remained steady at Rs 28,600 per eight gram.
Silver coins were in good demand and traded higher by ₹2,000 to ₹91,000 for buying and ₹92,000 for selling of 100 coins.
Hence it is suggested by the market experts that in the marriage season it is wise to purchase gold in parts. After Deewali it is expected to decline the gold rate, then one can buy gold jewellery for the Dussehera, Dhanteras or marriage celebration on their limitation and budget.