Gold Prices Increased Ahead of GST Council Meet

Gold prices rose ahead of GST Council meeting on December 18. Gold prices rose to Rs 37,930 per 10 gram reflecting overnight gains in international prices amid strengthening rupee.

Gold prices traded steady with international spot gold prices traded near USD 1,475 on Thursday after rallying on Wednesday evening session. Prices extended gains after US Fed kept interest rates unchanged, he added. Silver prices also jumped Rs 359 to Rs 44,984 per kg from the previous close of Rs 44,625 per kg.

The US Federal Reserve on Wednesday kept key interest rates unchanged with an accommodative stance till 2020. In the global market, gold prices were trading higher at USD 1,473 per ounce, while silver was quoting at USD 16.84 an ounce.

Gold prices on Thursday fell Rs 34 to Rs 37,665 per 10 gram in futures trade as participants cut down their bets. On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 34, or 0.09 percent, to Rs 37,665 per 10 gram in a business turnover of 15,899 lots.

The yellow metal for April delivery plunged Rs 53, or 0.14 percent, to Rs 37,731 per 10 gram in 2,561 lots. Analysts attributed the fall in prices to the trimming of positions by investors. Globally, gold was trading 0.18 percent up at USD 1,477.70 an ounce in New York.