Gold and silver prices rise with increased jewellery buying and depreciating rupee

By

Isabelle Crossley

Published
Apr 26, 2019

Gold prices rose by Rs 150 ($2.14) to reach Rs 32,870 per 10 grams on April 25 due to increased jewellery buying, the All India Sarafa Association reported. Silver prices have also risen as the rupee has decreased in value.

Gold prices are up again after the recent slump in prices came to an end mid-April. The All India Sarafa Association has attributed this rise in value to increased jewellery buying by businesses, unsurprising perhaps given the current wedding season. Silver also rose in value by Rs 295 to reach Rs 38,520 per kilogram on April 26 due to increased off-take by industrial units and coin makers, the Press Trust of India reported. 

The Indian rupee is currently down compared to the dollar- on April 25 Rs 1 is worth $0.014. This may be bad news for trading but good news for India’s jewellery business. 

In Delhi, 99.9 percent pure gold rose by Rs 150 to Rs 32,870 per 10 grams and 99.5 percent pure gold reached Rs 32,700 per 10 grams on Thursday. Sovereign gold remained unchanged at Rs 26,400 per eight grams, the Press Trust of India reported. Weekly based delivery of silver was up but silver coins did not see a change in value.