New Delhi: Gold on Saturday traded higher by Rs 10, with ten grams of the precious metal costing at Rs1,57,650. Silver on the contrary climbed up by Rs100, with one kilogram of the precious metal selling at Rs 2,80,100.
The price of 22-carat gold increased by Rs10, with ten grams of the yellow metal selling at Rs1,44,510.
US gold rose for a second straight session following news of agreement between Iran and US though prices were still headed for a monthly decline as inflation concerns and expectations of higher interest rates weighed.
Spot gold was up 0.6 per cent to $4,519.64 per ounce at 8:52 a.m. EDT (1252 GMT). Prices fell to a two-month low of $4,365.76 on Thursday, but closed higher.
US gold futures for August delivery rose 0.4 per cent to $4,550.00.
Spot silver rose 0.7 per cent to $76.17 per ounce, platinum gained 0.2 per cent to $1,926.18, and palladium rose 0.9 per cent to $1,380.94.
Gold in India is treated as a legacy, gifted across generations it is often treated as a practical asset of value. Each year, India exports over 700+ tonnes of gold because domestic demand stays far ahead of local supply. However, India does mine some gold itself, but not enough to meet the consumption across industries.
The retail cost of jewellery depends on several moving parts: the international bullion price, the rupee-dollar equation, local taxes, and jeweller-level charges That is why the current tensions in the Middle East are impacting the gold prices in India.
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