Gold prices fall after rising for four days, silver rates dip1 min read . Updated: 29 Aug 2018, 04:29 PM IST
Gold of 99.9 per cent and 99.5 per cent purity slipped by ₹70 each to ₹31,080 and ₹30,930 per 10 gram, respectively
New Delhi: Gold prices today snapped a four-day rising trend, after they fell by ₹ 70 to ₹ 31,080 per 10 grams. In Delhi, gold of 99.9 per cent and 99.5 per cent purity slipped by ₹ 70 each to ₹ 31,080 and ₹ 30,930 per 10 gram, respectively, according to a PTI report. Gold had risen ₹ 530 in the previous four sessions. Sovereign also fell by ₹ 100 to ₹ 24,500 per piece of eight gram. According to traders, a fall in demand from domestic jewellers and retailers hurt local gold prices. Demand for gold was also hurt by prevailing higher prices, they added.
Silver too today lost ₹ 170 to ₹ 38,300 per kg due to reduced offtake by industrial units and coin makers, according to the report. Silver ready closed lower by ₹ 170 to ₹ 38,300 per kg, while weekly-based delivery fell by ₹ 200 to ₹ 37,075 per kg. Silver coins continued to be traded at the previous level of ₹ 73,000 for buying and ₹ 74,000 for selling of 100 pieces.
In global markets, gold prices inched higher today after a sharp fall in the previous session. A firmer dollar on the back of expectations of higher US interest rates and lingering China-US trade tensions capped the precious metal’s gain.
Spot gold was up 0.3 percent at $1,204.43 an ounce. “Prices have rebounded but the selling (on Tuesday) shows nobody wants to chase the metal above $1,210 ... There is going to be interest rate hikes in September and December, and that is acting as a burden for gold," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
The US dollar today recovered from a four-week low hit overnight as optimism over the US-Mexico trade deal gave way to caution ahead of an upcoming deadline in the China-US trade dispute. The rupee today hit a new all-time low of 70.57 against the US dollar.
In global markets, gold has fallen about 7.5% so far this year amid international trade disputes and the Turkish currency crisis, with investors increasingly turning to US dollar.
With Agency Inputs