The gold rate today in India decreased in valuation as silver rates jumped up on trading on Thursday, 13th of December. Gold rates have fallen for the second day in a row today, as they also witnessed a decrease of Rs 110 on Wednesday.
Gold prices in the market fell even drastically on Thursday, as the market saw a decrease of Rs 320 on prices. Gold in India has currently reached the cumulative price of Rs 32,220 per 10 gram within the bullion market of India.
Silver rates, which have been tracking gold in the Indian market off late, showed a disparity of sorts as they reacted contrary to gold prices. Silver prices in the Indian market made gains of Rs 250 to reach levels of Rs 38,800 per kg. The increase in silver prices is said to be a direct result of the strong demand from coin makers and industrial units.
Goal, on the contrary, has fallen in value for the second day on the trot because of sluggish demand from local jewelers and the weak global prices of gold across the globe. An increase in the value of the Indian Rupee makes the import price of gold go down, which is why the prices could have been impacted. Traders from the market believe that the prices might have been affected by the pressure exerted by muted global rates for gold and the low demand from Indian jewelers, despite the current wedding season.
Delhi, the national capital of India, the second largest buyer of gold and jewelry across the globe, recorded prices of Rs 32,220 and Rs 32,070 for gold of 99.9 percent and 99.5 percent purities respectively. Press Trust of India reported the prices of gold at the end of daily trading on Thursday. Sovereign gold, however, maintained its steady rate at Rs 25,000 per piece of 8 gram. Sovereign gold has been trading without any fluctuations within the local market, as is usually the case.
The prices for silver ready increased by Rs 250, reaching a final price of Rs 38,800 per kg. The rates for weekly-based delivery for silver were up by Rs 170 and reached Rs 38,351 per kg. Silver coins traded at the same level, as they maintained their price. The prices for silver coins remained the same at Rs 74,000 for buying 100 pieces and Rs 75,000 for selling 100 pieces.
Gold rates in the global markets remained muted as the dollar steadied down and equities climbed up. The rise in equities was seen as part of the ease in trade tensions between China and the United States. Spot gold in the global market has, however, maintained a tight range at $1,245.55 per ounce.
The United States Federal Reserve’s Meeting on the 18th and 19th of December is currently the talk of town as investors await the Fed’s decision on rate hikes.