Gold prices harden slightly

Chennai, July 23 (IANS) Gold prices slightly hardened on Thursday, going up by Rs.22 per gram, said an industry official.

“Gold price went up by Rs.22 per gram to Rs.2,380 Thursday from Wednesday’s level. This is due to the weakening of Indian rupee against the US dollar,” Jayantilal Challani, president of the Madras Jewellers and Diamond Merchants Association, told IANS here.

The price of 10 gram gold stood at Rs.25,400 on Thursday up from Wednesday’s price of Rs.25,200, he said.

Challani said jewellery sales are good and people are not playing a wait and watch game, while jewellers will not stock up gold taking advantage of the lower price.

“All jewellers would daily buy gold equivalent to the volume of gold sold that day. We do not stock up the metal converting currency into gold,” he said.

He said the gold price is expected to go down further.

In the Indian market, gold could fall in the range of Rs.23,500-Rs.24,000 considering the current rupee-dollar conversion rate, said Ravindra Rao, head, commodity research, AnandRathi Commodities Ltd in a recent report.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here