After two days of continuous decline, gold prices rebounded on Thursday. Gold prices rose by ₹600 to ₹10 per 10 grams in the national capital. Gold prices were supported by fresh buying by traders and investors along with positive cues from international markets.
Gold of 99.5% purity touched ₹1,24,100 per 10 grams, up ₹600 from the previous trading session, according to the All India Sarafa Association.
Gold of 99.9% purity closed at ₹ 1,24,100 per 10 grams. In the previous trading session, it was at ₹ 1,23,500 per 10 grams.
Silver prices also saw a sharp rise. Silver rose by ₹ 1,800 to ₹ 1,53,300 per kg, from ₹ 1,51,500 per kg on Tuesday.
Global markets also saw gains in precious metals. Spot gold rose 0.73% to $4008.19 an ounce, while spot silver rose 1.22% to $48.60 an ounce.
Sumil Gandhi, senior analyst at HDFC Securities was quoted by PTI as saying, "The ongoing government shutdown in the US has fueled uncertainty in financial markets, prompting investors to turn to gold as a safe haven."
The dollar index, which measures the greenback's strength against six major currencies, fell 0.29% to 99.97. This decline also played an important role in supporting gold prices. However, Jatin Trivedi of LKP Securities said, "Expectations of improvement in US-China trade talks may limit further gains in gold prices."
In most every household in India small purchases of gold are made on occasion. Gold is also considered as a chain of times of crisis. Investments made in gold come in handy if necessary. Click here for news related to gold and silver
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