Gold price falls on sluggish demand, weak global cues1 min read . Updated: 14 Jul 2018, 04:22 PM IST
Gold price fell by 25 to 31,090 per 10 gram in Delhi bullion market on Saturday driven by a weak trend overseas amid easing demand from local jewellers
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.