Gold has steadily reached the highest level this year. It reached a high of 32,600-level due to festival demand and global cues. Marking a third straight rise, the precious metal was quoted at Rs 32,635 per ten grams of 24 carats in the National capital, the highest since six year. Price rose on account of an increase in the international market prices and rise in local demand.
In the local bullion market, gold of 99.9% and 99.5% purity rose by Rs 150 each to Rs 32,500 and Rs 32,350 per 10 gram respectively.
Further, plunge in the value of rupee, which was at USD 73.24 per dollar today as against previous day’s USD 73.16 a dollar, elevated the import price of the yellow metal. As India is vastly dependent on imports for its domestic supply of gold, any alteration in currency exchange valuation will get impacted the gold rates.