In Delhi, gold prices rose by Rs 3 to Rs 50,114 per 10 grams. In the previous session, gold had closed at Rs 50,111. Similarly, silver rose by Rs 451 to Rs 62,023 per kg. It had closed at Rs 61,572 per kg in the previous trading session. Senior commodity analyst Tapan Patel at HDFC Securities said that the spot price of 24-carat gold in Delhi rose by Rs 3. The fall in the value of the rupee and fluctuations in the gold price globally had an impact on the domestic market. The rupee depreciated by 12 paise against the dollar on Tuesday. In the international market, gold was at $ 1,877 while silver was at $ 24.20 an ounce.
Gold futures upon rising in spot demand
Gold futures rose by Rs 11 to Rs 50,841 per 10 grams on Tuesday due to increased demand. In December delivery deals on MCX, gold futures prices improved by Rs 11, or 0.02 percent to Rs 50,841 per 10 grams. 8,460 lots were traded under this futures contract. Internationally, gold rose 0.17 percent to $ 1,884.50 an ounce in New York.
Consumer demand for gold rose 35.8 percent
Consumer demand for gold in India increased by 35.8 percent to 86.6 tonnes on a quarter-on-quarter basis in the third quarter of the current calendar year. This information is given in a report by Motilal Oswal Financial Services. It consists of gold jewelry, sticks, and coins. However, consumer demand for gold is still far behind on an annual basis. But this time the demand for the third quarter was 30.1 percent lower than the same period last year.
According to the report, gold consumers are projected to decline by 49.2 percent in the first nine months of the current calendar year. The report noted that net gold imports improved significantly in the third quarter compared to the previous quarter. Its share is 85 to 90 percent of the total gold supply in the country. This led to a sharp decline in net bullion imports in the previous quarter.