Comments
Gold pries edged up by Rs 46 to Rs 30,593 per 10 grams at the futures market due to widening of bets by participants despite a weak trend overseas. At the Multi Commodity Exchange, gold to be delivered in December rose Rs 46, or 0.15 per cent, to Rs 30,593 per 10 grams in a business turnover of 89 lots.
According to analysts, widening of bets by speculators at current levels mainly pushed up gold prices at the futures trade but a subdued trend overseas limited the gains.
Demand for gold in India, the second biggest gold consumer after China, usually picks up towards the end of the year owing to wedding and festival season. Traders expect the recent fall in domestic gold prices to perk up demand.
In global markets, gold prices remained steady as investors were eyeing the G20 meeting this week for signs of a thaw in the China-US trade conflict. Spot gold prices inched 0.1 per cent higher to $1,223.31 per ounce, while US gold futures were up about 0.1 per cent at $1,223.8 per ounce.
Silver futures traded higher by 0.17 per cent at Rs 36,083 per kg as speculators raised their bets driven by a firm trend overseas. Silver for delivery in December traded higher by Rs 60, or 0.17 per cent, at Rs 36,084 per kg in a business turnover of 1,234 lots.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.