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The Gold prices after falling for two days straight finally recovered an inch, due to the higher global prices and local jewellery buying. Gold prices after declining by Rs 200 on Saturday rose by Rs 100 to Rs 31,850 per 10 gram.
Silver rates which had fallen by Rs. 500 on Saturday, gained Rs 150 to Rs 37,450 per kg on Monday. Gold of 99.9% and 99.5% purity rose by Rs 100 each to Rs 31,850 per 10 gram and Rs 31,700 per 10 gram, respectively.
India, which is the second largest consumer of gold in the world after China, have been seeming to poses a greater demand towards the end of the year due to the festive and wedding season.
Also, Sovereign gold prices rose to Rs 24,800 (up by Rs 100) per piece of 8 gram. Whereas silver coins continued to be traded at the buying level of Rs 73,000 and selling level of Rs 74,000 for 100 pieces.
Gold prices in the international market have been stable with the spot gold prices moved 0.1% higher to $1,223.31 per ounce whereas US gold futures went up about 0.1% to $1,223.8 per ounce.
US-China trade war has created an uncertainty at this given point of time and thus has made people move some of their capital into gold as people see gold as a hedge against these uncertainties.
