New Delhi, Oct 31: Gold prices climbed by Rs 2,200 to Rs 1,25,600 per 10 grams in the national capital on Friday on fresh buying by stockists and jewellers, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had closed at Rs 1,23,400 per 10 grams on Thursday.
In the local bullion market, gold of 99.5 per cent purity jumped by Rs 2,200 to Rs 1,25,000 per 10 grams (inclusive of all taxes) from the previous close of Rs 1,22,800 per 10 grams.
“Gold advanced on the last trading day of the week, buoyed by depreciation in the rupee,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
The rupee pared intra-day losses to settle flat at 88.69 against the US dollar on Friday, as weak domestic equities and a firm greenback in overseas markets offset the support from lower crude oil prices.
However, silver prices declined by Rs 2,000 to Rs 1,53,000 per kilogram (inclusive of all taxes) on Friday. The white metal had settled at Rs 1,55,000 per kg on Thursday, as per the association.
Gandhi added that a high-stakes meeting between US President Donald Trump and his Chinese counterpart Xi Jinping ended on a positive note but failed to ease concerns about long-term competition between the two largest economies. This uncertainty has renewed demand for gold as a safe-haven asset.
Globally, spot gold slipped by 0.52 per cent to USD 4,003.49 per ounce while silver was marginally higher at USD 48.97 per ounce.
