Gold prices fall for second day on muted demand
Gold prices fell further by Rs 30 to Rs 31,350 per 10 grams, mainly due to weak global cues amid slow demand from local jewellers
New Delhi: Gold prices fell further by Rs 30 to Rs 31,350 per 10 grams on Wednesday mainly due to weak global cues amid slow demand from local jewellers, reported PTI. Globally, gold prices slipped as US threats of tariffs on an additional $200 billion of Chinese goods pushed safe-haven flows to the dollar and dashed hopes that Washington will eventually step back from the escalating row.
In Delhi, gold rates of 99.9% and 99.5% purity shed Rs 30 each to Rs 31,350 and Rs 31,200 per 10 grams, respectively. The precious metal had lost Rs 270 on Tuesday.
In global markets, spot gold was 0.4% lower at $1,249.04 an ounce. In the previous session, gold hit a one-week low at $1,246.81. US gold futures for August delivery were 0.4% lower at $1,250.50 an ounce.
Following gold, domestic silver prices followed suit and lost another Rs 150 at Rs 40,500 per kg, owing to reduced offtake by industrial units and coin makers, added the report.
The Trump administration raised the stakes in its trade dispute with China on Tuesday, saying it would slap 10% tariffs on an extra $200 billion worth of Chinese imports. The news sent stocks tumbling, with China’s markets leading the declines, and prompted a senior Chinese commerce ministry official to warn that US was harming the global trade order.
The Indian rupee ended at 68.77 a dollar, up 0.04% from its previous close of 68.82. The currency opened at 68.79 a dollar and touched a high and a low of 68.75 and 68.90, respectively. So far this year, the rupee has weakened nearly 7%, while foreign investors have sold $827.90 million and $6.23 billion in equity and debt markets, respectively.
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