Gold Silver Reports (GSR) – Gold prices remained steady today at Rs 31,650 per 10 grams, while silver prices rose by Rs 250 to Rs 40,750 per kg following increased offtake by industrial units and coin makers amid firm global cues, reported news agency PTI. However, in global markets, gold prices hit a near two-week high as investors covered their short positions and the dollar slipped to its weakest since mid-June, while lingering US-China trade tensions also supported the metal. In Delhi, gold rates of 99.9% and 99.5% purity were steady at Rs 31,650 and Rs 31,500 per 10 grams, respectively.
silver ready rose by Rs 250 to Rs 40,750 per kg while weekly-based delivery by Rs 205 to Rs 39,995 per kg, according to PTI. Silver coins traded at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces. On the other hand, gold of 99.9 per cent and 99.5 per cent purity, ruled steady at Rs 31,650 and Rs 31,500 per 10 grams, respectively. Sovereign, however, shed Rs 50 at Rs 24,750 per piece of eight grams.
Globally, spot gold rate was up 0.5% at $1,260.41 an ounce, after touching its highest since 26 June at $1,262.06. US gold futures for August delivery were 0.5% higher at $1,261.70 an ounce.
The dollar index, which measures the greenback against a basket of six major currencies, slipped to an over three week low after U.S. jobs data showed slower-than-expected wage growth. The US economy created more jobs than expected in June, but steady wage gains pointed to moderate inflation pressures that should keep the Federal Reserve on a path of gradual interest rate increases this year.
The United States and China exchanged the first salvos in what could become a protracted trade war on Friday, slapping tariffs on $34 billion worth of each others’ goods and giving no sign of willingness to start talks aimed at a reaching a truce.
The Indian rupee today strengthened against the US dollar, tracking gains in local equities and Asian currencies. The rupee opened at 68.51 a dollar and touched a high and a low of 68.49 and 68.72, respectively. So far this year, the rupee has weakened 6.9%, while foreign investors have sold $548.90 million and $5.98 billion in equity and debt markets, respectively.
