INSUBCONTINENT EXCLUSIVE:
Sovereign, however, held steady at Rs 24,500 per piece of eight gram.Gold rallied by Rs 200 to Rs 31,400 per 10 gram at the bullion market
on Wednesday on pick-up in buying by local jewellers amid a firm global trend, reported news agency Press Trust of India
However, silver lost Rs 250 to Rs 37,600 per kg due to reduced offtake by industrial units and coin makers
Marketmen said gold rose on increased buying by local jewellers to meet the festive season demand
Moreover, a depreciating rupee, which crashed to a record low of 71.96 against the dollar, making imports costlier, led to the rise in gold
Gloablly, gold edged up on Wednesday, after slipping to a more than one-week low in the previous session, as the dollar eased despite
concerns of an escalation in the trade conflict between the United States and China, reported Reuters.Spot gold rose 0.2 per cent to
$1,193.31 in the , after touching a more than one-week low at $1,189.20 on Tuesday.2
In Delhi, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 200 each to Rs 31,400 and Rs 31,250 per 10 gram, respectively
It had lost Rs 150 in the previous two days
Sovereign, however, held steady at Rs 24,500 per piece of eight gram.3
MCX Gold spiked by nearly 200 points even after Comex gold fell back $1,200
The main reason for appreciation of the yellow metal on the domestic exchange was depreciating rupee
The Indian rupee has hit all time low today due to rising crude oil prices and continuous selling in the equities
But due to possible RBI intervention, the currency market stabilised in the afternoon session, said Jigar Trivedi, Fundamental Research
Analyst, Commodities, Anand Rathi
