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Gold prices slump by Rs145 to Rs31,570 per 10 grams amid weak global cues and slowing demand from local jewellers
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New Delhi: Gold prices fell by Rs145 to Rs31,570 per 10 grams on Thursday amid weak global cues and slowing demand from local jewellers, reported PTI. Global Gold prices slumped to six-month lows as investors sold holdings in the physical market and the US dollar climbed due to expectations of higher interest rates in US.
In Delhi, gold rate of 99.9% and 99.5% purity fell by Rs145 each to Rs31,570 and Rs31,420 per 10 grams, respectively.
Global spot gold was down 0.4% at $1,262.78 an ounce by 2.47pm from an earlier $1,261.36, its lowest since 20 December. It has lost more than 7% since the April high above $1,365 an ounce. US gold futures were down 0.8% at $1,264.50 an ounce.
Silver prices remained steady at Rs41,000 per kg on scattered enquiries from industrial units and coin makers, added the report.
Higher US interest rates and the prospect of further rises later this year have seen the US dollar against a basket of other major currencies climb to its highest since last July. Higher interest rates would typically see investors divest gold, which earns nothing and costs money to store and insure.
The rupee and the 10-year government bond yields fell after the Reserve Bank of India’s (RBI) June meeting minutes signalled that the central bank will rely on data for future rate hike decisions.
With inputs from Reuters
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