Gold Rates Today: Price of Yellow Metal Up On the Back of Weak Demand During Festive Season, Sales Likely to be Low on Dhanteras 2019
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Mumbai, October 9: The price of a 10 gram 22 carat gold in Mumbai was Rs 37,600 on Wednesday, up by Rs 300 as compared to Tuesday's price. The price of 10-gram 24-carat gold today was Rs 38,600. Ten-gram silver, on the other hand, was priced at Rs 485 on Wednesday, according to GoodReturns report. Rising prices and weak demand may decrease gold sales by 50 percent this year during Dhanteras, which otherwise sees around 40 tonnes in sales every year as per an IANS report.
Experts believe that gold may lose its glitter this Dhanteras due to a sharp rise in the prices of the yellow metal that has weakened its demand in the domestic market. They have further said that the overall demand for gold is low due to the liquidity crisis in the market. Buyers are avoiding to invest in gold on account of the higher prices. Dhanteras 2019: Gold Loses Glitter in Domestic Market, Sales Likely to Decline by 50% Over Rising Prices.
MCX gold futures rose 0.23 percent to Rs 38,472 per 10 gram, extending gains to the second day. Tracking gold, silver rates also moved 0.35 percent higher to Rs 46,033 per kg. In global markets, spot gold rose 0.1 percet to $1,505.95 per ounce. In global markets, gold prices have risen 17 percent as weak global growth, US-China trade spat and easing of monetary policy by central banks have increased the safe-haven appeal of gold.