Gold Prices Near 39,000 Rupees: 10 Things To Know

Gold prices have been hitting a fresh high every day since Tuesday.

Rising for fourth consecutive day, gold prices rose by Rs. 25 on Friday to hit a record high of Rs. 38,995 per 10 gram in the national capital, reported news agency Press Trust of India (PTI). Gold prices have been hitting a fresh high every day since Tuesday. According to traders, persistent buying from jewellers mainly led to the rise in gold prices. Silver rates, on the other hand, were kept steady at the previous level of Rs. 45,100 per kg.

Here are 10 things to know about gold, silver prices today:

1. In the national capital, gold of 99.9 per cent purity advanced Rs. 25 to Rs. 38,995 per 10 gram, while that of 99.5 per cent gained Rs. 5 to Rs. 38,825 per 10 gram. 
2. A weaker rupee led to the increase in price of the precious metal. 
3. The rupee declined below the 72 mark against the US currency in the opening session on Friday. It fell by 22 paise to trade at a nine-month low of 72.03 against the dollar in early session. 
4. Sovereign gold, however, stood steady at 28,800 per eight gram. 
5. In New York, spot gold was trading lower at $1,496.30 an ounce, while silver was almost flat at $17.11 an ounce. 
6. "Globally, gold traded weak with international spot gold prices falling below $1,500 on Friday on positive US equity futures and stronger dollar index," PTI quoted Tapan Patel, Senior Analyst (Commodities), HDFC Securities as saying.
7. The market is closely watching US Fed Chairman Powell's speech at the Jackson Hole seminar due later in the day. 
8. "US Fed Chair Jerome Powell's speech will be crucial for markets to get clarity over future rate cuts which may affect gold prices," Mr Patel said. 
9. Silver ready held flat at 45,100 per kg, while weekly-based delivery declined Rs. 99 to Rs. 43,666 per kg.
10. Silver coins held flat at Rs. 91,000 for buying and Rs. 92,000 for selling of 100 coins.