Gold prices surge; show no sign of slowdown

The yellow metal traded in the range of Rs 35,590-Rs 35,655 per 10 grams in main markets such as Bengaluru, Delhi, Chennai, Kolkata and Jaipur

Post By : IJ News Service On 26 June 2019 10:14 AM

Gold prices in India hit a historic high of Rs 35,500 per 10 grams on Tuesday, racing past the previous high of Rs 35,000/10 gm in 2013, when the government had hiked import duty on the yellow metal by five-fold to 10%.

The yellow metal traded in the range of Rs 35,590-Rs 35,655 per 10 grams in main markets such as Bengaluru, Delhi, Chennai, Kolkata and Jaipur.The price of 24 carat spot gold in Bengaluru was Rs 35,600 per 10 grams on Tuesday, while it was Rs 35,590/10 gms in Delhi, Rs 35,570 in Jaipur and Rs 35,580 in Mumbai.

Gold prices have been on the rise ever since the US Federal Reserve indicated it might cut interest rates going forward as the economy was slowing. That precipitated the dollar’s fall and lent strength to gold, prompting jewellers to give a discount of up to 2% as they saw their sales declining by a third. Gold prices tend to move in opposite direction to the US dollar.

Commodity watchers, traders and retail shop owners from across the country revelad that they did not expect prices to come down in near future, as escalating geo-political tensions and trade war were weighing heavily on the minds of price-sensitive Indian buyers. Gold has rallied 8% so far in June as compared to 10% year-to-date.

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