Gold prices fall by Rs 200 on ebbing North Korea, Irma concerns
Mumbai: Gold remained weak for the second day as prices fell by Rs200 per 10 grams at the bullion market here on Tuesday, tracking a weak trend overseas amid slackened demand from local jewellers. Silver too remained under selling pressure and shed Rs55 per kg.
Standard gold (99.5 purity) declined by Rs200 to close at Rs29,870 per 10 grams from Monday’s finish of Rs30,070. Pure gold (99.9 purity) also fell by a similar margin to settle at Rs30,020 per 10 grams as compared to Rs30,220 on Monday. Silver (.999 fineness) moved down by Rs55 to end at Rs40,515 from Rs40,570 earlier.
Globally, gold prices hit its lowest in more than a week as ebbing concerns over North Korea’s nuclear ambitions and the impact of Hurricane Irma fuelled further gains in equities, tempering demand for the metal as a haven from risk. Spot gold was at $1,326.50 an ounce at early trade. Among other precious metals, silver was down 0.2% at $17.76 an ounce.
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