MUMBAI: Both gold and silver prices jumped on Friday in the Delhi bullion market following strong news from the international market, the fall in the rupee against the dollar and the rise in crude oil prices. Gold has once again gone above Rs 38000 per ten grams with an increase of Rs 475. The silver spot rose by 370 rupees to 44680 rupees per kilogram.
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According to traders, gold prices in foreign markets are fluctuating sharply. Gold in the international market has once again softened after touching 1524.90 dollars per tri-ounce. Silver is also stable at around $17 per tri-ounce. The high prices at the local level have brought weakness in demand. Traders say buyers are putting more emphasis on old gold swaps. Gold imports fell 42 %to 1.71 billion dollars in July as prices fell.
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The weakening of the rupee and strengthening of crude oil in the dollar ratio have also affected precious metals in the local market. In the local bullion market, though the demand for gold was low, the gold standard rose by Rs 475 to Rs 384.20 per ten grams in view of foreign prices and the rupee's weakness.
