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Gold Rate Today: Gold prices edge up on improved spot demand

Weak rupee makes the import of gold costlier and pushes the price of the precious metal higher.|
May 17, 2019, 11.25 AM IST

Commodity Summary

NEW DELHI: Gold prices edged up in futures trade on Friday, supported by improved demand by jewellers at the spot market and weakness of Indian rupee against US dollar.

Weak rupee makes the import of gold costlier and pushes the price of the precious metal higher.

However, a rise in the stock market lured investors to trim their positions in safe-haven metal and look towards riskier equities.

Gold Rates - Spot & Futures (.995 purity) (MCX)

Weak global sentiment due to dollar's rise also capped the gains of the yellow metal.

In the global markets, gold fell on a firmer dollar and increased investor appetite for riskier assets due to strong US data and corporate results.

A strong dollar means gold price will depreciate as the commodity becomes dearer in other currencies, causing a fall in its demand.

Silver, on the other hand, declined on lower orders from industrial units and coin makers.

The MCX Gold was trading at Rs 32010 per 10 grams, up by Rs 34, while MCX Silver was trading at Rs 36837 a kilo, lower by Rs 22 around 11:15 am.

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