Gold prices increased on Friday. The price of spot gold increased by 0.2% to $1.525 per ounce. It is an exciting fact that gold prices increased by 2% this week. Also, another good news for investors is that gold prices are rising for a third week in a row. U.S. gold futures increased by 0.3% to $1,535 an ounce.
Higher gold prices boosted the demand for this precious metal in India. It is worth mentioning that India is the second biggest gold consumer in the world. Based on the latest data, gold imports decreased by 42% to $1.71 billion in July.
According to the local jewelers, the supply of the scrap gold increased as costumers are willing to sell them due to the higher prices. Another reason is that the national currency’s exchange rate also helped to drive the gold prices higher in India. The price of rupee fell below 71.21 against the U.S. dollar.
More @ Finance Brokerage
Higher gold prices boosted the demand for this precious metal in India. It is worth mentioning that India is the second biggest gold consumer in the world. Based on the latest data, gold imports decreased by 42% to $1.71 billion in July.
According to the local jewelers, the supply of the scrap gold increased as costumers are willing to sell them due to the higher prices. Another reason is that the national currency’s exchange rate also helped to drive the gold prices higher in India. The price of rupee fell below 71.21 against the U.S. dollar.
More @ Finance Brokerage
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