In Delhi, gold rate of 99.9% and 99.5% purity recovered by Rs 80 each to Rs 31,650 and Rs 31,500 per 10 grams, respectively. Photo: Reuters
New Delhi: Gold prices recovered by Rs 80 to Rs 31,650 per 10 grams on Thursday on fresh buying by local jewellers amid an all-time low rupee against the US dollar, reported PTI. Global gold prices edged higher as the latest developments in the US-China trade fight led to a slight retreat in the US dollar, but was still near a six-month low.
In Delhi, gold rate of 99.9% and 99.5% purity recovered by Rs 80 each to Rs 31,650 and Rs 31,500 per 10 grams, respectively. The precious metal had lost Rs 80 in last two days.
Global spot gold rate was 0.1% higher at $1,252.74 an ounce. In the previous session, the metal touched $1,250.30, its lowest since mid-December. US gold futures for August delivery were down 0.2% at $1,254.20 an ounce.
However, gold prices, which usually rise in times political and economic uncertainty, have gained little support from these trade tensions, while expectations that the US Federal Reserve will hike interest rates have pressured bullion.
Silver prices, however, remained under selling pressure and shed Rs 80 to Rs 40,800 per kg.
The rupee weakened past the 69 mark for the first time on Thursday to hit a record low against the US dollar, following further spike in crude oil prices and concerns of higher inflation and widening current account deficit.
With inputs from Reuters