New Delhi: Gold prices rose by Rs150 to Rs31,950 per 10 grams on Wednesday amid fresh demand from local jewellers despite weakness in global gold prices, reported PTI. Moreover, a depreciating rupee against the US dollar, which makes gold imports costlier, supported domestic gold prices. Silver prices, however, edged down by Rs10 to Rs41,550 on selling pressure, added the report. Global gold prices fell to a one-week low in the previous session, as investors waited for clues on the pace of future interest rate hikes by the US Federal Reserve when its policy meeting concludes later in the day.
Global spot gold was little changed at $1,295.02 on Wednesday per ounce at 12.05pm after it touched a one-week low of $1,292.60 in the previous session. US gold futures for August delivery were 0.1% lower at $1,298.50 per ounce.
In Delhi, gold of 99.9% and 99.5% purity advanced by Rs150 each to Rs31,950 and Rs31,800 per 10 grams, respectively.
Gold prices had fallen by Rs250 in the last two days.
