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The price of gold dropped by 235 Rs today, after rising 350 Rs on Thursday.
New Delhi: Gold prices have fallen today because of a muted demand from local jewelers and a rupee on the rise. gold prices fell from 235 rupees to 32,015 rupees per 10 grams, but silver prices remained stable at 37,900 rupees per kg. The rupee has today jumped against the US dollar to close at 71.92 against 8,015 rupees. Closing the value of the rupee against the US dollar makes the import of precious metals cheaper.
In Delhi, gold prices were 99.9% and 99.5% purity. fell by 235 rupees to 32,015 rupees and 31,865 rupees per gram, respectively. The precious metal had risen by 350 rupees yesterday, but sovereign gold remained flat at 24,800 rupees per coin of 8. [19659004] at 37,900 Rs per kg on dispersed demand, while weekly deliveries rose by 1 Rs 47 to 36 818 rupees per kg for speculative purchases. The silver coins continued to be traded at a previous level of Rs 73,000 for the purchase and Rs 74,000 for the sale of 100 pieces.
Traders have stated that rising world prices for gold have helped limit the fall in domestic prices. In global markets, gold hit a one – week high, as the dollar weakened. Spot gold was up 0.2% at $ 1,215.33 an ounce.
"Investors are a little more interested in gold … the momentum is up, we could reach $ 1,250 in the short term," said Reuters, an badyst at ABN AMRO. .
The dollar collapsed to 96.76 against a basket of major currencies after British Prime Minister Theresa May clung to her Brexit plan despite the resignations of senior ministers. A lower dollar makes bullion cheaper for holders of other currencies.
The US dollar has become the main safe haven this year as a result of a trade dispute between the United States and China, thwarting the allure of gold 11.%. But gold prices have risen this year in India, as the fall in the value of the rupee has pushed up the price of imported gold.
With agency entries
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