Gold Prices Marches Up In India Following Global Cues

The gold prices in India gained strongly following global cues which gained support following the rise in oil prices. The gold rates in India were recorded at Rs 31,100 for 10 grams of 22 karats and at Rs 32,100 for 10 grams of 24 karats.

In the global scenario, Spot gold was seen trading at $1,281.70 per ounce, up by $5.20 and U.S. gold futures were at $1,281.70 per ounce. The yellow metal bounced back to its form as investors resumed trading session post-Easter holidays. The rallying crude prices have helped the precious metal to gain strongly in the global platform. The U.S. decision to end the waiver on Iran’s crude exports has driven the prices of crude during today’s trade session.

Added to this, the rise in dollar value against the British pound amidst improvement in economic conditions of the United States indicating economic growth has also helped the jewellery metal to cap its gains. The crude prices and gold share corresponding relationship, the rising oil prices will help the yellow metal to gain and vice versa. In India, the fresh buying of gold by local jewellers amidst positive overseas trends has helped the gold to march up. The demand for the yellow metal has picked up in the local market ahead of the auspicious day of Akshaya Tritiya.

Courtesy: ET