Gold jumps on signs of demand in India and weaker dollar
The precious metal climbed 0.5% to $1,786.22 an ounce & silver by 1.1% to $34.96 an ounce on hopes of higher demand from India.
By Bloomberg | Updated:
LONDON: Gold today jumped on signs of more demand in India, the biggest buyer for the coming festival and marriage season and a weakening dollar.
The precious metal climbed 0.5 per cent to USD 1,786.22 an ounce and silver by 1.1 per cent to USD 34.96 an ounce on expectations the demand from India might pick up for approaching festivals like 'Navratras' and marriage season.
UBS said its physical gold sales to India were the most since April yesterday because of the strengthening rupee to five month high against the US dollar. Gold rose 14 per cent this year as the Dollar Index, which tracks the US currency against six monies declined 0.5 per cent.
The precious metal climbed 0.5 per cent to USD 1,786.22 an ounce and silver by 1.1 per cent to USD 34.96 an ounce on expectations the demand from India might pick up for approaching festivals like 'Navratras' and marriage season.
UBS said its physical gold sales to India were the most since April yesterday because of the strengthening rupee to five month high against the US dollar. Gold rose 14 per cent this year as the Dollar Index, which tracks the US currency against six monies declined 0.5 per cent.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
Related Articles
IITian gold medallist had a job offer worth Rs 2.5 crore, yet he chose a grocery storeADVERTISEMENT
