Gold Prices Rally Rs 220 On Dhanteras
Jewelry sits in a window display at a store in Zaveri Bazaar, Mumbai. (Photographer: Kanishka Sonthalia/Bloomberg)

Gold Prices Rally Rs 220 On Dhanteras

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Gold prices rallied Rs 220 to Rs 39,240 per 10 gram in the national capital on Dhanteras, according to HDFC Securities. The yellow metal had closed at Rs 39,020 per 10 gram here on Thursday.

Silver also witnessed buying as it rose Rs 670 to Rs 47,680 per kg from Rs 47,010 per kg in the previous trade.

"Spot gold for 24 Karat in Delhi cheered the festival season by gaining Rs 220 on the auspicious day of 'Dhanteras'," HDFC Securities, senior analyst - commodities, Tapan Patel said.

Dhanteras, which is being celebrated in northern and western parts of India on Friday, is considered an auspicious day for buying gold, silver and other valuables.

Gold shops in Mumbai on the auspicious occassion of Dhanteras. (SOurce: BloombergQuint)
Gold shops in Mumbai on the auspicious occassion of Dhanteras. (SOurce: BloombergQuint)

Spot gold prices are expected to trade in a firm range as pick up in festival demand has raised prospects of rise in consumption in upcoming wedding season despite higher prices, Patel said.

In the international market, gold was ruling higher at $1,506 per ounce, while silver was quoting at $18.05 an ounce.

"International gold prices were trading higher on global market uncertainties. Gold prices rallied on safe haven buying on Brexit concerns and weak economic data from the U.S.," he added.

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