Gold prices jump by Rs 170, silver up Rs 600 on strong demand from jewellers; check rates in Delhi
Gold price today: Gold prices Friday rose by Rs 170 to Rs 32,620 per 10 gram (gm) at the bullion market in New Delhi, on account of higher demand from local jewellers and a strong trend overseas. Silver prices also rose Rs 600 to Rs 39,250 per kg, on fresh buying by industrial units and coin makers, the PTI reported.
In Delhi, gold of 99.9 per cent purity saw an increase of Rs 170 to Rs 32,620 per 10 gm, while prices of gold of 99.5 per cent purity also rose Rs 170 to Rs 32,470 per 10 gm. Sovereign gold also was up by Rs 100 to Rs 25,200 per piece of eight gram.
Silver ready was up by Rs 600 to Rs 39,250 per kg. Weekly-based delivery also soared Rs 1,448 to Rs 38,651 per kg.
Besides, there was an increase of Rs 1,000 in Silver coins price of which stood at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces. Globally, gold traded up at $1,278.10 an ounce, while silver also rose to $15.26 an ounce in New York.
Meanwhile, rating agency ICRA said in a report that the gold jewellery demand is likely to rise 6-7% over the medium to long-term, on the back of growing disposable income, festivals, demographic dividend and rising penetration of organised sector.
According to ICRA, with about 65% of Indian population living in rural parts of the country, good agri output due to better monsoons in the past two years has been a positive trigger for rural demand. Jewellery is considered a traditional store of wealth in rural areas. Besides, gold jewellery demand in urban parts has also gained traction. In the last one year, gold prices have risen about 6%, which has also impacted consumption demand, it added.