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Dhanteras: Global gold prices hit two week high today

Dhanteras: Global gold prices hit two-week high today

Dhanteras: Global gold prices hit two-week high today
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By CNBC-TV18 Oct 25, 2019 10:20:18 AM IST (Updated)

In India, December gold futures traded 0.12 percent lower at Rs 38,306 per gram. On Thursday, gold prices in Delhi rose Rs 75 to Rs 38,945 per 10 gram, reported PTI.

Global gold rose to a fresh two-week high on Friday after US economic data raised prospects of another interest rate hike by the US Federal Reserve. Gold prices in India, however, traded lower today on Dhanteras, which is considered to be an auspicious day and people usually prefer to purchase gold on the day.

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Global spot gold rate hit its highest since October 10 at $1,504.35 and was slightly down at $1,501.67 per ounce, reported Reuters. For the week, the metal has gained 0.8 percent so far. US gold futures were flat at $1,504.40 per ounce on Friday.
In India, December gold futures traded 0.12 percent lower at Rs 38,306 per gram. On Thursday, gold prices in Delhi rose Rs 75 to Rs 38,945 per 10 gram, reported PTI.
"Spot gold prices for 24 karat in Delhi were trading higher by Rs 75 with a rise in festival demand and a weaker rupee. The spot rupee was trading 13 paise weaker against the dollar during the day," PTI quoted HDFC Securities senior analyst (commodities) Tapan Patel as saying.
The Indian rupee opened marginally lower at 71.04 per US dollar, down 3 paise from its previous close of 71.01 a dollar. Intraday, the currency hit a high of 70.9388 and a low of 71.0625. At 10:10 AM, INR traded 0.11 percent higher at 70.9475 per dollar.
In global markets, Asian shares inched up as positive earnings helped to offset economic growth concerns. Crude Oil prices were down after rising in the previous session on a surprise drop in US crude inventories.
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