INSUBCONTINENT EXCLUSIVE:
India is considered world's second-biggest gold consumer.Snapping two-day losing streak, Gold prices recovered marginally by Rs 20 to
reach Rs 31,420 per 10 grams at the bullion market on Saturday, reported Press Trust of India (PTI)
The rise in gold prices came on scattered buying by local jewellers even as the metal weakened overseas
According to traders, mild buying by local jewellers at domestic spot market helped the recovery in gold prices but a weak trend overseas
about gold, silver prices today:1
In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 20 each to Rs 31,420 and Rs 31,270 per 10 grams,
According to a Reuters report, gold imports in August rose over 90 per cent to $3.64 billion.7
The government has raised its goods and services tax (GST) on bullion this year and taken other steps to curb gold purchases that drain the
country of its forex reserves.9
Higher rates make gold less attractive since it does not pay interest but costs money to store and insure, added Reuters.10
Globally, gold fell 0.65 per cent to $1,193.10 an ounce and silver shed 0.78 per cent to $14.03 an ounce in New York in Friday's trade
