Gold Prices Today: Globally, gold prices were held steady on Thursday.
Gold prices were last seen at Rs 38,290 per 10 grams in the national capital on Thursday, according to India Bullion and Jewellers' Association (IBJA).
These rates are exclusive of a 3 per cent Goods and services Tax (GST) and making charges, industry body IBJA mentioned on its website.
IBJA is a Mumbai-based association consisting of gold dealers, traders and jewellers.
Analysts say marginal appreciation in rupee led to the fall in gold rates on Thursday.
The Indian rupee appreciated marginally to 71.78 against the dollar in intra-day trade on Thursday.According to Tapan Patel, Senior Analyst (Commodities), HDFC Securities, the wedding demand is set to cheer spot gold markets in India.Globally, gold prices were held steady on Thursday, supported by concerns that US legislation on Hong Kong could increase tensions between the United States and China and delay an interim trade deal.Spot gold was last seen little changed at $1,471.02 per ounce.
TheUS gold futures were down 0.2 per cent at $1,471.20.According to John Sharma, economist at National Australia Bank, the main driver of gold is uncertainty about the trade deal."There is the possibility that the deal might not be completed this year, so that is a key support factor," he said.Completion of a "phase one" trade deal could slide into next year, trade experts and people close to the White House said.The protracted trade dispute has pushed the precious metal, considered a safe asset in times of political and economic uncertainty, about 14 per cent higher this year.In India, gold demand is expected to fall to its lowest level in three years in 2019, the World Gold Council (WGC) said earlier this month, as domestic prices climb to a record against a backdrop of falling earnings in rural areas.In a report, the WGC said gold consumption in the quarter ended September slumped by nearly a third from a year ago to 123.9 tonnes.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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