Gold prices in the Indian market rose by Rs 170 to close the day off at Rs 32,120 per 10 gram within the bullion market. The prices of gold for Thursday 6th December increased in the open market due to the firm trend within the overseas market, and because of the increase in demand from local sellers and the local market due to the current ongoing wedding season.
Silver rates within the country also inched up by around Rs 25 during the day’s trading, as it ended up at Rs 37,625 per kg. The demand for silver from coin makers and industrial units was slightly higher, resulting in an increase within the prices of the metal.
Traders from the capital believe that it’s the firm market performance outside of the Indian border, and the higher demand from the wedding season within it that has pushed the prices upwards. The winter season in India is known as the wedding season because of many couples choosing to tie the knot during this period.
News from the national capital reported that gold of both 99.9 percent and 99.5 purities witnessed an increase of Rs 170 during the day. The increase meant that gold of 99.9 percent and 99.5 purities finished the day of trading with prices ending up at Rs 32,120 and Rs 31,970 per 10 gram, respectively.
Sovereign gold, which has maintained a tight range for quite some time now, also moved up by Rs 100 to end the day at Rs 24,900 per 8 gram piece.
Gold prices in the international market edged a bit lower than the previous 5 week highs, as the dollar strengthened from the lows of this week. Investors booked significant profits in gold, and have now resorted towards the currency for increased gains.
Palladium, which has been the talk of bullion town during the last couple of weeks, fell from the record high it achieved during previous sessions. Prices for spot gold in the international market fell by some 0.2 percent to finish the day at $1,235.57 per ounce. United States gold futures also saw a minimal decrease, as they inched lower by 0.1 percent to finish the day at $1,240.8. Gold prices in the global market have maintained firm consistency during this week, and are keeping within a tight range. The days of trading to follow in this week would be imperative in defining the trends for the rest of this year.
“Gold has been near key levels of $1,240, so there might be some technical-level profit-taking,” mentioned Hareesh V, who is currently the head of commodity research at Geojit Financial Services in Kochi.
He also mentioned that the upcoming meeting between Organization of Petroleum Exporting Countries (OPEC) along with the non-farm payroll data expected by the United States on Friday are keeping all gold investors on guard.
There is also a United States Federal Reserve’s meeting planned on the 18th and 19th of this month, where the board will decide the fate of interest rates in the country.