Gold Prices Open With Upward Trend, Bullion Market Likely To Remain Volatile Today

Gold, Silver Rates Today (October 16): Gold prices on Wednesday opened with an upward trend at Rs 38,153 per 10-gram, up Rs 117, or 0.31 percent, on the MCX around 09:15 hours. It closed at Rs 38,036, down 190 or 0.5 percent on October 15. The gold prices have witnessed positive opening in line with international prices. On the other hand, silver is trading at Rs 47, 000 per kg in the Indian market. Last month, the Gold prices had hit a record high of 39,885 rupees last month. Gold prices have risen more than 21 per cent so far in 2019. 

Moreover, higher prices have saw a decline in gold demand in India. Gold imports plunged 62% to $1.36 billion in September. It resulted in narrowing down the trade deficit to a seven-month low of $10.86 billion. Gold prices in India include 12.5% import duty and 3% GST, mint reports.

The recent correction in domestic gold prices, down about â‚¹1,900 per 10 grams from September highs, during the festive season has spurred hopes of an uptick in retail demand.

Yesterday, the yellow metal had closed at Rs 39,100 per 10 gram in the previous trade. Silver, however, fell by Rs 91 to Rs 46,809 per kilogram from Rs 46,900 per kilogram on Monday. In the global market, gold was trading higher at USD 1,493.30 an ounce, while silver too firmed up at USD 17.62 per ounce.

Disclaimer: This story is based on information available in the market and News Nation is not responsible for any difference from the market rate.