Gold up ₹80; silver gains ₹101

For News/States Page.Workers giving finishing touches to ornaments at a manufacturing unit in Thrissur. Price per gram in the state ranges between Rs615 and Rs620. High Gold prices coupled with lean season the sales of jewelry in Kerala has dropped significantly. The country imports 600 tonnes of gold every year and consumes 800 tonnes,the 200 tonne imparted from modification of old and used ornaments.of the total sales,15 per cent of it take place in Kerala,where 110-120 worth 6600 crores rupees gold is sold every year.Studies conducted by the World Gold Council also show that families in India possess 15,000 tonnes of gold,a 10 per cent of world gold stock. Digital Photo By K_K_Mustafah.8/10/05

Gold prices rose by ₹80 to ₹38,789 per 10 gram in the national capital on Tuesday as stronger rupee limited the gains, according to HDFC Securities.

On Monday, gold had closed at ₹38,709 per 10 gram.

“Spot gold for 24 Karat in Delhi was trading up by ₹80, limiting the upside on stronger rupee and weak domestic demand. The spot rupee was trading 7 paise stronger against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In early trade, the Indian rupee appreciated by 8 paise to 71.58 against the US dollar.

Silver prices also gained ₹101 to ₹45,826 per kg from ₹45,725 per kg in the previous trade.

In the international market, gold was ruling higher at USD 1,463 per ounce, while silver was trading with gains at USD 16.91 per ounce.

“Gold prices traded firm on Tuesday with international spot gold prices rallying above USD 1,463 an ounce with fall in US manufacturing PMI and mounting worries over the US-China trade deal,” Mr. Patel added.

Motilal Oswal Financial Services Ltd VP (Commodities Research) Navneet Damani said, “Gold prices showed some signs of recovery after US President targeted Brazil and Argentina as he announced to impose tariffs on steel and aluminium imports from both the countries.” The sudden move to slap tariffs stoked fresh concerns around global trade and hit risk appetite, he said.

“US factory activity contracted for a fourth straight month in November as new orders slumped to lowest level since 2012, while construction spending fell in October, giving additional support to precious metals,” he added.