Gold strengthens Rs 31,000 level on demand push, MCX Commodity Tips

gold

Price of Gold today took jump from a positive trend overseas by surging Rs 650 per 10 grams to reach Rs 31,000 level, supported by fresh local buying, whereas silver slipped sharply by Rs 350 to Rs 41,500 per kg, on account of softening demand by industrial units and coin makers.

Globally, gold rose by 0.08% to USD 1323.60 per ounce after hitting a 2-week low of USD 1,318.96. Silver also edged up 0.03% to USD 17.75 per ounce in Singapore. In New Delhi, gold of 99.9% purity surged Rs 650 to Rs 31,000 and 99.5% purity surged Rs 30,850 per 10 grams. Gold had lost Rs 650 in the last two days.

However, Sovereign price carried on to be traded at the previous level of Rs 24,700 per piece of 8 grams. But silver ready dropped Rs 350 to Rs 41,500/kg and weekly-based delivery cracked below the 41,000 mark by slipping Rs 370 to Rs 40,930 per kg.

Commodity, Gold, currency tips: COMEX Gold rose, Rupee hits near 3-week high

The Indian rupee today, 28 August 2017, strengthened past 63 marks to hit near three-week high against the US dollar, tracking gains in its Asian peers and local equity markets. The rupee gained 6.25% so far this year, while FII inflows hit USD 7.12 billion in equity markets and USD 19.50 billion in debt markets.

Crude oil futures were on higher side last day on extended buying support following an extremely weak undertone in the US dollar and steady cues from equities. The crude oil production recorded a gain of 0.3percen on the week at 9.53 mn bpd and there was an increase of 11.5 percent over the year.

Gold & Silver were trading higher in early trading on Monday due to buying in precious metals by jewelers. COMEX Gold rose Friday, 0.5%, to settle at USD 1,297.90 per ounce, the highest in two months extending weekly gains after downbeat economic data. MCX Gold closed around Rs 29160 per 10 grams, up 0.22% on the day.