New Delhi: Gold prices rose by Rs 110 to Rs 31,690 per 10 grams, supported by continued buying by local jewellers despite a weak trend overseas, reported PTI. In global markets, gold prices declined ahead of key US payrolls data and as global equities stood firm, though the metal was on course for slight gains for the week as the dollar drifts lower amid escalating US-China trade tensions. In Delhi, gold rate of 99.9% and 99.5% purity surged by Rs 110 each to Rs 31,690 and Rs 31,540 per 10 grams, respectively.
Globally, spot gold rate was 0.3% lower at $1,254.48 an ounce, having dropped to $1,252.15 earlier in the session. It was, however, headed for its first weekly gain in four. US gold futures for August delivery slipped 0.3% to $1,255.60 an ounce.
The dollar fell as U.S. tariffs on Chinese imports took effect, but a muted reaction in currency markets suggested the escalation had largely been priced in by investors focusing on a US jobs report due later. Meanwhile, US central bankers discussed whether recession lurked around the corner and expressed concerns global trade tensions could hit an economy that by most measures looked strong, Fed meeting minutes showed.
The Indian rupee trimmed early losses and traded little changed against US dollar as US tariffs on Chinese imports took effect. The currency opened at 68.90 and touched a high of 68.82 and a low of 69.03 a dollar. So far this year, the rupee has weakened 7.30%, while foreign investors have sold $585.40 million and $6.10 billion in equity and debt markets, respectively.
On the other hand, silver prices fell by Rs 100 to Rs 40,500 per kg due to reduced offtake by industrial units and coin makers, added the report.
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