Gold, Silver Rates Today (October 18): With rupee strengthening against dollar, the bullion price is set to continue with a downward trend in India. The gold prices on Friday are expected to range between Rs 38,000 to Rs 38,350 per 10 gram while silver is likely to trade between Rs 45,000 to Rs 45,800 per kg. Gold prices on Thursday declined by Rs 105 to Rs 38,985 per 10 gram in the national capital on a stronger rupee and weak global cues, according to HDFC Securities, reports Business Standard. In the international market too, gold traded at a comparatively lower USD 1,494 per ounce price.
As Dhanteras comes up, the demand of gold and silver are expected to surge in the Indian market in the coming days. A good number of Indian population is likely to pick gold as an investment option, as it has emerged as proven go-to option against inflation.
However, in September this year, higher prices 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 Rs 1,900 per 10 grams from September highs, during the festive season has spurred hopes of an uptick in retail demand.
Disclaimer: This story is based on information available in the market and News Nation is not responsible for any difference from the market rate.