Gold prices rise to Rs 47,279 per 10 gm on weak rupee
The broader range on COMEX could be $1,795-1,825, and on the domestic front, prices could hover in the range of Rs. 46,930-47,435.
On currency devaluation and lackluster global indications, gold prices in the Mumbai retail market climbed by Rs 40 to Rs 47,279 per 10 gram. As market participants anticipate August US non-farm payroll data, the yellow metal traded in a narrow band later this week.
In Mumbai, a gram of 22-carat gold cost Rs 43,308 plus 3% GST, while a gram of 24-carat gold cost Rs 47,279 plus GST. In the retail market, 18-carat gold is priced at Rs 35,459 + GST.
The focus now moves to the Manufacturing PMI data from major economies, which, if better than predicted, might put downward pressure on metal prices.
The world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, saw its gold holdings fall by 1.5 tonnes to 1,000.26 tons. The ETF’s market capitalization is $58.34 billion.
The US dollar index was down 0.06 percent versus a basket of six rival currencies, trading at 92.58.