Gold Prices Edge Up On overseas market trend and Weaker Rupee

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Gold prices in India advanced On Thursday, in line with the upward trend in the international market and rupee’s weakness.

MCX October gold futures during the day were trading higher by 0.22% at Rs 39,251 per 10 grams. Last week, it touched a fresh high of Rs 39,340

Meantime, MCX Silver futures were trading at Rs 46,841 per kg, which also crossed a new life-time high of Rs 46,925 on Wednesday.

The rates were led by a rally in the prices of the metals in the global commodity markets. In addition, a weaker rupee makes these gold precious in cost for Indian buyers as it is imported in USDs

In the global market, gold reached USD 1,540 an ounce. The six-year high of USD 1,556 was recorded last week.

The gold prices this year is on account increased US-China trade worries and concerns over the global recession. Gold has risen more than 20pc thus far this year. The global financial market crisis, coupled with fluctuations in equity markets and currency markets, has caused multi-bond returns and investors to move into gold ETFs.

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