Gold Rate Today: After days of turmoil, gold prices today increased amid rise in global prices. The price of yellow metal rose Rs 177 to Rs 50,869 per 10 grams in the national capital Delhi. In the previous trade, the Gold price had touched Rs 50,692 per 10 grams. Silver prices also followed the trend and increased Rs 1,022 to Rs 59,000 per kilogram from Rs 57,978 per kilogram.
In Bengaluru, standard gold of 99.5 purity was priced at Rs 52,066 per 10 grams while the ornamental gold of 22-carat was priced at Rs 47,890 per 10 grams. In Mumbai, standard gold was priced at Rs 50,488 per 10 grams while in Kolkata, 24-carat gold was priced at Rs 51,200 per 10 grams while the 22-carat gold was priced at Rs 48,600 per 10 grams.
In the international market, gold was trading higher at $1,649.8 per ounce while silver was up at $19.75 per ounce. "COMEX gold started the November month on a positive note after marking the seventh straight month of decline, the longest losing streak since at least late 1960, ahead of yet another rate hike by the Federal Reserve expected this week," Dilip Parmar, Research Analyst at HDFC Securities, said.
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Gold prices increased by Rs 288 to Rs 50,610 per 10 grams in futures trade today as speculators created fresh positions on firm spot demand. On the Multi Commodity Exchange, gold contracts for December delivery traded higher by Rs 288 or 0.57 per cent at Rs 50,610 per 10 grams in a business turnover of 10,023 lots.
Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 1.02 per cent higher at USD 1,657.40 per ounce in New York.
In India, gold demand has reached pre-pandemic levels and has witnessed an annual growth of 14 per cent during the July-September quarter at 191.7 tonnes mainly driven by strong consumer interest, according to a World Gold Council (WGC) report.
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According to the 'Gold Demand Trends Q3 2022' report by WGC, the total demand stood at 168 tonnes during the July-September quarter of 2021. In value terms, gold demand grew by 19 per cent to Rs 85,010 crores during the third quarter of 2022, compared to Rs 71,630 crores in the corresponding period of 2021.
(With PTI inputs)
