Home > market > stock-market-news > Gold price falls on sluggish demand, weak global cues

New Delhi: Gold price fell by 25 to 31,090 per 10 gram in tandem with a weak global trend and muted demand from local jewellers, reported PTI.

A weak overseas trend when metals’ prices slid to seven-month lows as the dollar rose to a two-week peak, buoyed by safe-haven purchases in the ongoing US-China trade war, influenced the sentiment here, the agency reported.

Demand for the precious metals also waned on expectations of higher US interest rates.

Globally, gold fell 0.47% to $1,241 an ounce and silver by 0.88% to $15.79 an ounce in New York yesterday.

Moreover, erosion in demand from local jewellers and retailers at domestic spot market fulled the downtrend, they said.

In the national capital, gold of 99.9% and 99.5% purity fell by 25 each to 31,090 and 30,940 per ten gram, respectively. It had lost 535 in last four days. Sovereign however held steady at 24,800 per piece of eight gram.

The Indian rupee strengthened against the US dollar on Friday, tracking the gains in Equity market. At 2pm, the rupee was trading at 68.49 a dollar, up 0.11% from its Thursday’s close of 68.57. It opened at 68.38 a dollar and touched a high and a low of 68.32 and 68.52, respectively. The 10-year bond yield was trading at 7.77% compared to its previous close of 7.78%. Bond yields and prices move in opposite directions.

In sync with gold, silver ready traded lower by 115 to 39,915 per kg and weekly-based delivery by 220 to 39,045 per kg. Silver coins however held steady at 74,000 for buying and 75,000 for selling of 100 pieces.

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