Traders said gold price, which went up by Rs 315 to Rs 31,250 per 10 grams immediately after the finance ministry announced the decision in the afternoon, will rise in the coming days as the market factors in the impact.
Rupee gains 2.3%, its biggest weekly gain since July
Gold prices dipped below Rs 32,000 per 10 gm level in the national capital today on sustained selling by stockists on sluggish demand amid a weakening global trend.
With the wedding season coming up, the demand for the gold is up and hence expect the yellow metal price to be up. Wedding season demand is underway and is likely to improve further from the last week of November. The Gold price is expected to touch Rs. 32,800 by the end of December.
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US Dollar (USD)54.65
Pound (GBP) 86.8265
Ch. Yuan (CNY)8.77
Singapore Dollar (SGD) 44.7416
Australian Dollar (AUD) 56.6251
Gold prices likely to hit Rs 35,000 and above by next Diwali: Analysts. The gold prices are up 15 per cent compared to last year of about Rs 27,000 per 10 gms.
Approximate average Gold price per gram The yellow metal shines.
Diwali 2012 – Rs. 2999.00
Diwali 2011 – Rs. 2705.00
Diwali 2010 – Rs. 1895.00
Standard Gold (99.5 purity) rose by Rs 95 per 10 grams to finish at Rs 31,635 from Friday’s closing level of Rs 31,540.
Pure gold (99.9 purity) went up by Rs 90 per 10 grams to close at Rs 31,765 from Rs 31,675.
Silver ready (.999 fineness) firmed up by Rs 120 per kg to conclude at Rs 61,760 as compared to Rs 61,640 yesterday.